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Bearish Moving Average Cross by National Oilwell Varco (NOV)

By James Quinn

National Oilwell Varco (NYSE:NOV) shares have crossed bearishly below their 10-day moving average of $33.36 on a volume of 1.2 million shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Over the past year, National Oilwell Varco has traded in a range of $25.74 to $56.13 and is now at $32.59, 27% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of National Oilwell Varco on April 19th, 2017 by issuing a Downtrend alert when the shares were trading at $36.45. Since that call, shares of National Oilwell Varco have fallen 7.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: moving crosses national oilwell varco

Ticker(s): NOV