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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $31.99 and $32.60 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. Traders and investors interested in shares of National Oilwell Varco may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 $32.02, which is 24% above that low price. The 200-day and 50-day moving averages have moved 0.52% lower and 1.36% higher over the past week, respectively.

Potential upside of 19.4% exists for National Oilwell Varco, based on a current level of $32.02 and analysts' average consensus price target of $38.22. The stock should hit resistance at its 200-day moving average (MA) of $34.95, as well as support at its 50-day MA of $30.94.

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 tracking the current trend status for National Oilwell Varco and will alert subscribers who have NOV in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle national oilwell varco

Ticker(s): NOV