Nabors Industries Set to Possibly Pullback After Yesterday's Rally of 1.60%
Nabors Industries (NYSE:NBR) traded in a range yesterday that spanned from a low of $13.13 to a high of $13.62. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $13.32 on volume of 4.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that subscribers consider buying shares of Nabors Industries on May 31st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.33. Since that recommendation, shares of Nabors Industries have risen 40.8%. We continue to monitor NBR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Over the past year, Nabors Industries has traded in a range of $4.93 to $16.99 and is now at $13.34, 171% above that low. The 200-day and 50-day moving averages have moved 0.8% lower and 1.54% higher over the past week, respectively.
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