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

By Nick Russo

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 $3.42 and $3.54 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 Ltd. provides contract drilling services. The Company's fleet includes semisubmersible rigs and jackup rigs.

Seadrill share prices have moved between a 52-week high of $15.44 and a 52-week low of $1.57 and are now trading 122% above that low price at $3.48 per share. 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%.

There is potential upside of 104.2% for shares of Seadrill based on a current price of $3.48 and an average consensus analyst price target of $7.12. 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.

SmarTrend is tracking the current trend status for Seadrill and will alert subscribers who have SDRL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle seadrill

Ticker(s): SDRL