• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Natl Oilwell Var (NYSE:NOV)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Natl Oilwell Var (NYSE:NOV) based on the price action in the company's shares. Today's price range of $21.30 and $21.50 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 Natl Oilwell Var may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Natl Oilwell Var share prices have moved between a 52-week high of $49.08 and a 52-week low of $19.57 and are now trading 9% above that low price at $21.30 per share. Over the past week, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has declined 2.3%.

Natl Oilwell Var has overhead space with shares priced $21.30, or 42.2% below the average consensus analyst price target of $36.85. Natl Oilwell Var shares should first meet resistance at the 50-day moving average (MA) of $23.99 and find additional resistance at the 200-day MA of $30.70.

National Oilwell Varco, Inc. designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

SmarTrend recommended that its subscribers protect gains by selling shares of Natl Oilwell Var on March 8th, 2019 by issuing a Downtrend alert when the shares were trading at $25.90. Since that call, shares of Natl Oilwell Var have fallen 16.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle natl oilwell var

Ticker(s): NOV