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Natl Oilwell Var (NOV) Breaks Through Resistance at $34.05

By Nick Russo

Shares of Natl Oilwell Var (NYSE:NOV) have bullishly opened above the pivot of $33.66 today and have reached the first resistance level of $34.05. Analysts will be watching for a cross of the next upside pivot targets of $34.30 and $34.94.

Natl Oilwell Var has overhead space with shares priced $34.06, or 8.9% below the average consensus analyst price target of $37.39. 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.

Over the past year, Natl Oilwell Var has traded in a range of $29.79 to $43.63 and is now at $34.06, 14% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Natl Oilwell Var on April 19th, 2017 by issuing a Downtrend alert when the shares were trading at $36.45. Since that call, shares of Natl Oilwell Var have fallen 7.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: pivot alerts natl oilwell var

Ticker(s): NOV