Nabors Industries (NBR): Death Cross

Nabors Industries (NBR) just flashed a death cross.

Nabors Industries (NBR)
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In March NBR flashed a golden cross signal but today it has failed.

We can see it’s showing much more weakness than XLE.

Will the bears be aiming for the October lows if the weakness continues?

For Reference

The death cross (technical formation when the 50-day moving average drops below the 200-day) can be used as a filter to help narrow down the field. Next, use the Seven Steps to Better Stock Trading to evaluate the sentiment and price action. Better yet, sign up for The Select 20 Stock Picks or use my free Total Indicator for eSignal.