Watching NBR

[Goods]

Nabors has been in an almost rectangle pattern since May 16th. Bouncing off support around 33.50 and resistance about 36 a good six times.

Watching for a breakout below 33.50 with the next support levels around 31.50 or upside above 36 hitting new yearly highs.

It closed Tuesday at $33.70 just under the SMA 50, could be good for a 2 point bounce or more if it doesn't sink further. If it breaks lower, it suggests a 2 point short opportunity. Check it out.

http://finance.yahoo.com/charts#char...urce=undefined

Recent upgrades and a great quarter in May, as well as a ridiculously low P/E and PEG compared to the sector lead me to believe it has a better chance of continuing the uptrend.

[whodi]

doubletop formation in the month of June, definitely a bearish formation