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

By Shiri Gupta

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 $18.87 and $18.97 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 has overhead space with shares priced $18.87, or 48.8% below the average consensus analyst price target of $36.85. The stock should find initial resistance at its 50-day moving average (MA) of $21.18 and further resistance at its 200-day MA of $26.33.

Over the past year, Natl Oilwell Var has traded in a range of $18.05 to $47.46 and is now at $18.87, 5% above that low. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.6%.

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

Keywords: bearish inside day candle natl oilwell var

Ticker(s): NOV