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

By Amy Schwartz

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. Yesterday's price range of $12.69 and $13.11 is within the prior day'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.

Over the past year, Natl Oilwell Var has traded in a range of $8.00 to $25.84 and closed yesterday at $12.88, 61% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 3.1%.

National Oilwell Varco Inc. is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.

Natl Oilwell Var (NYSE:NOV) has potential upside of 186.1% based on a current price of $12.88 and analysts' consensus price target of $36.85. Natl Oilwell Var shares should encounter resistance at the 200-day moving average (MA) of $19.56 and support at the 50-day MA of $11.81.

SmarTrend recommended that subscribers consider buying shares of Natl Oilwell Var on April 9th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.02. Since that recommendation, shares of Natl Oilwell Var have risen 9.7%. We continue to monitor NOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle natl oilwell var

Ticker(s): NOV