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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. Today's price range of $35.56 and $35.88 is within yesterday'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 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.

Potential upside of 7.3% exists for National Oilwell Varco, based on a current level of $35.63 and analysts' average consensus price target of $38.22. National Oilwell Varco shares have support at the 200-day moving average (MA) of $34.95 and additional support at the 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 are now at $35.63, which is 38% 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%.

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 inside day candle national oilwell varco

Ticker(s): NOV