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After Yesterday's Rally of 1.68% Shares Could Potentially Pullback

By Shiri Gupta

National Oilwell Varco (NYSE:NOV) traded in a range yesterday that spanned from a low of $34.17 to a high of $34.66. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $34.29 on volume of 1.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

National Oilwell Varco share prices have moved between a 52-week high of $56.13 and a 52-week low of $25.74 and are now trading 34% above that low price at $34.59 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of National Oilwell Varco on April 19th, 2017 by issuing a Downtrend alert when the shares were trading at $36.45. Since that call, shares of National Oilwell Varco have fallen 6.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders national oilwell varco

Ticker(s): NOV