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Possible Bearish Inside Day Candle Pattern Detected for Unit Corp (NYSE:UNT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Unit Corp (NYSE:UNT) based on the price action in the company's shares. Yesterday's price range of $0.28 and $0.33 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 Unit Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Unit Corporation, through its subsidiaries, contracts to drill onshore oil and natural gas wells, as well as develops, acquires, and produces oil and natural gas properties. The Company's operations are located primarily in the Anadarko and Arkoma Basins, as well as the south Texas and Permian Basins. Unit also has producing properties in other states and Canada.

Unit Corp (NYSE:UNT) has potential upside of 7,951.9% based on a current price of $0.33 and analysts' consensus price target of $26.57. The stock should find initial resistance at its 50-day moving average (MA) of $0.36 and further resistance at its 200-day MA of $2.97.

Unit Corp share prices have moved between a 52-week high of $16.25 and a 52-week low of $0.15 and closed yesterday at 120% above that low price at $0.33 per share. Over the past week, the 200-day moving average (MA) has gone down 4.4% while the 50-day MA has declined 4.3%.

SmarTrend is monitoring the recent change of momentum in Unit Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Unit Corp in search of a potential trend change.

Keywords: bearish am inside day candle unit corp

Ticker(s): UNT