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Possible Bullish Inside Day Candle Pattern Detected for Tidewater (NYSE:TDW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tidewater (NYSE:TDW) based on the price action in the company's shares. Yesterday's price range of $4.36 and $4.56 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 Tidewater may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Tidewater Inc. provides offshore supply vessels and marine support services to the offshore energy exploration, development, and production industry. The Company tows and anchor-handles mobile drilling rigs and equipment, transports supplies and personnel, and supports pipelaying and other offshore construction activities.

In the past 52 weeks, shares of Tidewater have traded between a low of $3.79 and a high of $31.80 and closed yesterday at $4.46, which is 18% above that low price. The 200-day and 50-day moving averages have moved 2.17% lower and 2.97% higher over the past week, respectively.

Tidewater (NYSE:TDW) has potential upside of 243.8% based on a current price of $4.46 and analysts' consensus price target of $15.33. The stock should run into initial resistance at its 50-day moving average (MA) of $7.38 and subsequent resistance at its 200-day MA of $10.51.

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

Keywords: bullish am inside day candle tidewater

Ticker(s): TDW