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Possible Bullish Inside Day Candle Pattern Detected for Nabors Inds Ltd (NYSE:NBR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nabors Inds Ltd (NYSE:NBR) based on the price action in the company's shares. Yesterday's price range of $11.48 and $12.19 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 Nabors Inds Ltd may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Nabors Industries Ltd., is a land drilling contractor, and also performs well servicing and workovers. The Company conducts oil, gas, and geothermal land drilling operations. Nabors well-site services include oilfield management, well logging, and other support services.

Based on a current price of $13.77, Nabors Inds Ltd is currently 30.6% above its average consensus analyst price target of $9.55. The stock should find initial support at its 50-day moving average (MA) of $1.26 and further support at its 200-day MA of $0.35.

Over the past year, Nabors Inds Ltd has traded in a range of $0.00 to $14.33 and closed yesterday at $13.77, -100% above that low. The 200-day and 50-day moving averages have moved 114.65% higher and 144.67% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Nabors Inds Ltd and will alert subscribers who have NBR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle nabors inds ltd

Ticker(s): NBR