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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $24.77 and $24.99 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. Traders and investors interested in shares of Natl Oilwell Var may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Natl Oilwell Var has traded in a range of $18.05 to $32.63 and closed yesterday at $24.11, 34% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.2%.

Potential upside of 52.8% exists for Natl Oilwell Var, based on a current level of $24.11 and analysts' average consensus price target of $36.85. Natl Oilwell Var shares have support at the 50-day moving average (MA) of $23.39 and additional support at the 200-day MA of $22.80.

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.

SmarTrend recommended that subscribers consider buying shares of Natl Oilwell Var on October 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.32. Since that recommendation, shares of Natl Oilwell Var have risen 7.2%. We continue to monitor NOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle natl oilwell var

Ticker(s): NOV