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Possible Bullish Inside Day Candle Pattern Detected for Dril-Quip Inc (NYSE:DRQ)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Dril-Quip Inc (NYSE:DRQ) based on the price action in the company's shares. Yesterday's price range of $40.50 and $41.33 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. Traders and investors interested in shares of Dril-Quip Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Dril-Quip, Inc. designs and manufactures offshore drilling and production equipment. The Company's equipment consists of subsea, surface, and offshore rig equipment for use by oil and gas companies in offshore areas throughout the world. Dril-Quip provides installation and reconditioning services, and also rents running tools.

Dril-Quip Inc (NYSE:DRQ) has potential upside of 3.2% based on a current price of $41.03 and analysts' consensus price target of $42.33. The stock should find initial resistance at its 200-day moving average (MA) of $42.68 and further resistance at its 50-day MA of $44.24.

Over the past year, Dril-Quip Inc has traded in a range of $26.62 to $58.95 and closed yesterday at $41.03, 54% above that low. The 200-day and 50-day moving averages have moved 0.53% lower and 0.15% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Dril-Quip Inc and will alert subscribers who have DRQ in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle dril-quip inc

Ticker(s): DRQ