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Recent 52-Week Low Surpassed in Shares of Nabors Inds Ltd (NBR)

By James Quinn

Shares of Nabors Inds Ltd (NYSE:NBR) traded today at $6.72, breaking its 52-week low. This new low was reached on below average trading volume as 623,000 shares traded hands, while the average 30-day volume is approximately 9 million shares.

Nabors Industries Ltd., is a land drilling contractor, and also performs well servicing and workovers. The Company conducts oil, gas, and geothermal land drilling operations. Nabors well-site services include oilfield management, well logging, and other support services.

Nabors Inds Ltd share prices have moved between a 52-week high of $18.40 and the current low of $6.72 and are currently at $6.83 per share. The 200-day and 50-day moving averages have moved 0.8% lower and 1.54% higher over the past week, respectively.

There is potential upside of 95.9% for shares of Nabors Inds Ltd based on a current price of $6.83 and an average consensus analyst price target of $13.38. The stock should find initial resistance at its 50-day moving average (MA) of $9.03 and further resistance at its 200-day MA of $9.28.

SmarTrend recommended that its subscribers protect gains by selling shares of Nabors Inds Ltd on February 7th, 2017 by issuing a Downtrend alert when the shares were trading at $15.63. Since that call, shares of Nabors Inds Ltd have fallen 56.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows nabors inds ltd

Ticker(s): NBR