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

By David Diaz

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 $2.32 and $2.39 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.

Over the past year, Seadrill has traded in a range of $1.57 to $15.44 and is now at $2.34, 49% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has advanced 5.7%.

Seadrill (NYSE:SDRL) has potential upside of 204.4% based on a current price of $2.34 and analysts' consensus price target of $7.12. The stock should run into initial resistance at its 50-day moving average (MA) of $3.63 and subsequent 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.

SmarTrend is monitoring the recent change of momentum in Seadrill. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Seadrill in search of a potential trend change.

Keywords: bullish inside day candle seadrill

Ticker(s): SDRL