Watch for Nabors Industries to Potentially Pullback After Gaining 1.60% Yesterday
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.
Nabors Industries share prices have moved between a 52-week high of $16.99 and a 52-week low of $4.93 and are now trading 171% above that low price at $13.34 per share. 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 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.
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