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

By James Quinn

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. Today's price range of $12.86 and $13.10 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. 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.

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.

Potential upside of 184.1% exists for Natl Oilwell Var, based on a current level of $12.97 and analysts' average consensus price target of $36.85. The stock should hit resistance at its 200-day moving average (MA) of $19.60, as well as support at its 50-day MA of $11.93.

Over the past year, Natl Oilwell Var has traded in a range of $8.00 to $25.84 and is now at $12.97, 62% above that low. The 200-day and 50-day moving averages have moved 1.13% lower and 6.57% lower over the past week, respectively.

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 inside day candle natl oilwell var

Ticker(s): NOV