Nabors Industries breaks out following earnings, levels to watch The shares are up over 10.4% to $20.60 at time of writing. This move above $20 following earnings breaks the top of a trading range that had been in place for more than a year. Typically a break above long-held resistance leads to a sustained move higher over time. At current price, next resistance is at $21.10. Support is at $20.03.
News For NBR From The Last 14 Days
Check below for free stories on NBR the last two weeks.
Nabors Industries optimistic about the growth prospects for venture Company concluded, "It is becoming increasingly apparent that virtually every element of our business is experiencing improving fundamentals manifested through improving utilization and pricing. Construction of the numerous new rigs we have in progress remains on track and within budget. The contribution of these deployments combined with a favorable pricing environment across every market and the incremental demand for new rigs globally yield a high degree of growth visibility for the foreseeable future. We are particularly optimistic about the growth prospects for our venture with C&J in the Completion & Production Services business."