After Yesterday's Rally of 2.08% Shares Could Potentially Pullback
National Oilwell Varco (NYSE:NOV) traded in a range yesterday that spanned from a low of $33.53 to a high of $34.50. Yesterday, the shares gained 2.1%, which took the trading range above the 3-day high of $33.65 on volume of 1.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, National Oilwell Varco has traded in a range of $25.74 to $56.13 and is now at $34.34, 33% above that low. The 200-day and 50-day moving averages have moved 0.52% lower and 1.36% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of National Oilwell Varco on April 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.85. Since that recommendation, shares of National Oilwell Varco have risen 5.7%. We continue to monitor NOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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