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Bearish Moving Average Cross by National Oilwell Varco (NOV)

By Amy Schwartz

Today, shares of National Oilwell Varco (NYSE:NOV) have crossed bearishly below their 10-day moving average of $34.98 on a volume of 719K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, shares of National Oilwell Varco have traded between a low of $25.74 and a high of $56.13 and are now at $34.69, which is 35% above that low price. The 200-day and 50-day moving averages have moved 0.52% lower and 1.36% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of National Oilwell Varco on April 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.85. Since that recommendation, shares of National Oilwell Varco have risen 10.4%. We continue to monitor NOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses national oilwell varco

Ticker(s): NOV