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After Yesterday's Rally of 1.84% Shares Could Potentially Pullback

By James Quinn

Nabors Inds Ltd (NYSE:NBR) traded in a range yesterday that spanned from a low of $7.78 to a high of $8.14. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $7.89 on volume of 3.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Nabors Inds Ltd share prices have been bracketed by a low of $7.16 and a high of $18.40 and are now at $8.03, 12% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has slid 0.8%.

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 49.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders nabors inds ltd

Ticker(s): NBR