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Possible Bearish Inside Day Candle Pattern Detected for National Oilwell Varco (NYSE:NOV)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in National Oilwell Varco (NYSE:NOV) based on the price action in the company's shares. Yesterday's price range of $40.28 and $41.05 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of National Oilwell Varco may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

National Oilwell Varco (NYSE:NOV) is currently priced 5.4% above its average consensus analyst price target of $38.22. The stock should discover initial support at its 200-day moving average (MA) of $34.95 and subsequent support at its 50-day MA of $30.94.

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 closed yesterday at $40.42, which is 57% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.4%.

National-Oilwell Varco Inc. designs, manufactures, and sells machinery, equipment, and downhole products used in oil and gas drilling and production. The Company also provides oilfield inspection and other services, and supply chain integration services to the upstream oil and gas industry.

SmarTrend is tracking the current trend status for National Oilwell Varco and will alert subscribers who have NOV in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle national oilwell varco

Ticker(s): NOV