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Possible Bullish Inside Day Candle Pattern Detected for Rpc Inc (NYSE:RES)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rpc Inc (NYSE:RES) based on the price action in the company's shares. Yesterday's price range of $13.43 and $13.78 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Rpc Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Rpc Inc has traded in a range of $12.86 to $27.07 and closed yesterday at $13.68, 6% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.8%.

RPC, Inc. provides specialized oilfield services and equipment to independent and major oilfield companies. The Company's services include snubbing services, coiled tubing services, pressure pumping services, marine services, firefighting and well control, and rental of drill pipe and other equipment.

Potential upside of 39.6% exists for Rpc Inc, based on a current level of $13.68 and analysts' average consensus price target of $19.09. Rpc Inc shares should first meet resistance at the 50-day moving average (MA) of $14.78 and find additional resistance at the 200-day MA of $16.12.

SmarTrend recommended that its subscribers protect gains by selling shares of Rpc Inc on October 22nd, 2018 by issuing a Downtrend alert when the shares were trading at $14.61. Since that call, shares of Rpc Inc have fallen 8.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle rpc inc

Ticker(s): RES