Did you know that Nabors Industries ( NBR) owns and operates the world's largest land-based drilling rig fleet and they are a leading provider of offshore platform workover and drilling rigs? The stock has been rallying the past two years but the long-term picture is "interesting," in my opinion. 
In this daily bar chart of NBR, below, we can see that prices have broken out on the upside after a sideways consolidation from April to February. Prices are now trading firmly above the rising 50-day simple moving average line and above the 200-day simple moving average line. The trading volume has become stronger this calendar year and confirms the price gains we have seen.
The On-Balance-Volume (OBV) line has been rising since August as buyers turned more aggressive back in the summer. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of NBR, below, we can see an impressive rally the past two years. The breakout over $125 (the top of the trading range/consolidation) is also impressive. Prices are above the rising 40-week moving average line. The weekly OBV line is improving and the MACD oscillator is bullish.
In this long-term chart of NBR, below, we can see two major clues - first, NBR has broken a downtrend from 2014 and second, it has emerged on the upside from a three year base pattern.
In this daily Point and Figure chart of NBR, below, we can see an upside price target of $233.
In this weekly Point and Figure chart of NBR, below, we used a five box price reversal filter. Here the software gives us a $268 target.
Bottom line strategy: Traders could go long NBV on a dip towards $170 risking to $145. Our price targets are $233 and $268 for starters.
