Nabors Industries Ltd. (NYSE:NBR) fell by -2.97% in Thursday’s trading session from $7.07 to $6.86 and has now fallen 3 consecutive sessions. The price has fallen in 7 of the last 10 days and is down by -14.14% over the same course of time. Volume has increased in Thursday’s trading session by 4.11 million shares, but on a weak note. This is may be an early warning and the risk will be increased slightly for the next couple of days. In total, 10.88 M shares exchanged hands for about $74.60 million.
Inside NBR’s Recent Trend
Nabors Industries Ltd. (NBR) lies in the lower part of a very wide and weak rising trend in the short term, and this will normally pose a very good buying opportunity. A break down through the resistance trend line at $6.51 will initially suggest a lower tendency for gains in the price and this might very well be an early sign that a trend shift is coming. Short-term traders are predicted to see a rally of 4.21% over the course of a quarter and, with 90% chance the price will be floating in the range of $6.78 and $8.81 in this timeframe.
Nabors Industries Ltd. Technical Signals
NBR has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $7.22 and $7.45. A buy signal will be generated if it crosses above any of these levels. Its pivot point high generated sell signal on Thursday October 05, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. Volume up and price depreciating is getting our attention as this movement is seen as bearish sign.
Nabors Industries Ltd. (NYSE:NBR) Support And Resistance Levels
Nabors Industries Ltd. (NBR) recorded volume accumulation so there will probably be a surplus of buyers at $6.68. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $7.05, $7.25 and $7.69.
Accumulated volume is going to prevent the price from rising further at $7.05 and this action will lead the price to take a temporary pause or stay muted for a few days.
Nabors Industries Ltd. (NBR) Risk Assessment
A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $0.38 between high and low, or 5.65%. The average volatility for the past week stood at 4.08%.
Nabors Industries Ltd is in oversold territory based on Relative Strength Index reading (22). In some cases it takes more time for the trend to shift while the stock is being oversold and the Relative Strength Index keeps moving.