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Possible Bearish Inside Day Candle Pattern Detected for Oceaneering Intl (NYSE:OII)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oceaneering Intl (NYSE:OII) based on the price action in the company's shares. Yesterday's price range of $15.54 and $15.94 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. Owners of Oceaneering Intl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Oceaneering International, Inc. is a global provider of engineered services and products to the offshore oil and gas industry. The Company offers services and products in remotely operated vehicles, mobile offshore production systems, engineering and product management, manned diving, and other deep water applications. Oceaneering also serves the defense and aerospace industries.

Oceaneering Intl share prices have moved between a 52-week high of $21.29 and a 52-week low of $11.38 and closed yesterday at 39% above that low price at $15.79 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

Oceaneering Intl (NYSE:OII) has potential upside of 25.4% based on a current price of $15.79 and analysts' consensus price target of $19.80. Oceaneering Intl shares have support at the 200-day moving average (MA) of $15.59 and additional support at the 50-day MA of $14.26.

SmarTrend recommended that subscribers consider buying shares of Oceaneering Intl on November 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.05. Since that recommendation, shares of Oceaneering Intl have risen 6.1%. We continue to monitor OII for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle oceaneering intl

Ticker(s): OII