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Possible Bullish Inside Day Candle Pattern Detected for Seadrill (NYSE:SDRL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Seadrill (NYSE:SDRL) based on the price action in the company's shares. Today's price range of $0.71 and $0.74 is within yesterday'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 Seadrill may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Seadrill (NYSE:SDRL) has potential upside of 118.2% based on a current price of $0.73 and analysts' consensus price target of $1.60. The stock should find initial resistance at its 50-day moving average (MA) of $3.63 and further resistance at its 200-day MA of $5.05.

Seadrill Ltd. provides contract drilling services. The Company's fleet includes semisubmersible rigs and jackup rigs.

In the past 52 weeks, Seadrill share prices have been bracketed by a low of $0.65 and a high of $15.44 and are now at $0.73, 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 5.7% while the 200-day MA has slid 1.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Seadrill on April 4th, 2017 by issuing a Downtrend alert when the shares were trading at $0.88. Since that call, shares of Seadrill have fallen 19.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle seadrill

Ticker(s): SDRL