• Return to Headlines

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

By James Quinn

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. Yesterday's price range of $37.13 and $37.93 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 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 (NYSE:NOV) is currently priced 2.0% above its average consensus analyst price target of $36.45. 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 Natl Oilwell Var have traded between a low of $29.79 and a high of $43.63 and closed yesterday at $37.18, which is 25% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.4%.

National Oilwell Varco Inc. is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.

SmarTrend recommended that subscribers consider buying shares of Natl Oilwell Var on February 20th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.58. Since that recommendation, shares of Natl Oilwell Var have risen 6.9%. We continue to monitor NOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle natl oilwell var

Ticker(s): NOV