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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Now Inc (NYSE:DNOW) based on the price action in the company's shares. Yesterday's price range of $13.40 and $13.59 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 Now Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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

Now Inc has overhead space with shares priced $13.51, or 4.2% below the average consensus analyst price target of $14.10. The stock should run into initial resistance at its 50-day moving average (MA) of $14.52 and subsequent resistance at its 200-day MA of $14.60.

In the past 52 weeks, shares of Now Inc have traded between a low of $10.36 and a high of $18.56 and closed yesterday at $13.51, which is 30% above that low price. The 200-day and 50-day moving averages have moved 0.48% lower and 0.12% lower over the past week, respectively.

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: bullish am inside day candle now inc

Ticker(s): DNOW