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

By Nick Russo

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 $35.41 and $35.88 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.

There is potential upside of 6.9% for shares of National Oilwell Varco based on a current price of $35.74 and an 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.

National Oilwell Varco share prices have moved between a 52-week high of $56.13 and a 52-week low of $25.74 and closed yesterday at 39% above that low price at $35.74 per share. The 200-day and 50-day moving averages have moved 0.52% lower and 1.36% higher over the past week, respectively.

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 monitoring the recent change of momentum in National Oilwell Varco. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of National Oilwell Varco in search of a potential trend change.

Keywords: bearish am inside day candle national oilwell varco

Ticker(s): NOV