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Possible Bearish Inside Day Candle Pattern Detected for Now Inc (NYSE:DNOW)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Now Inc (NYSE:DNOW) based on the price action in the company's shares. Yesterday's price range of $6.21 and $6.50 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 Now Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Now Inc (NYSE:DNOW) has potential upside of 128.5% based on a current price of $6.17 and analysts' consensus price target of $14.10. The stock should run into initial resistance at its 50-day moving average (MA) of $6.47 and subsequent resistance at its 200-day MA of $10.17.

In the past 52 weeks, Now Inc share prices have been bracketed by a low of $4.05 and a high of $15.55 and closed yesterday at $6.17, 52% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has declined 4.4%.

NOW Inc. distributes oil drilling equipment across the globe. The Company provides maintenance, repair, and operating supplies for the global energy and industrial markets.

SmarTrend is tracking the current trend status for Now Inc and will alert subscribers who have DNOW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle now inc

Ticker(s): DNOW