Nabors near Key Support Area

Published on Sunday, 22 January 2012 19:04 Written by Christian Paolinetti

New York, January 22nd (TradersHuddle.com) - Shares of Nabors Industries Ltd (NYSE:NBR) are trading very close to calculated support at $16.36 with current price action closing at just $17.01 places the stock price near levels where traders will start paying attention.

Nabors' current stock range is defined by current calculated support defined at $16.36 and by the resistance level at $19.94, which should be used by traders planning their trades. These support and resistance levels are based on an algorithm of peaks and troughs of the stock price action.

Traders wanting to establish a position should place close attention to Nabors' price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $19.94 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Nabors Industries Ltd (NYSE:NBR), is a land drilling contractor that also performs well servicing and workovers. The Company conducts oil, gas, and geothermal land drilling operations.