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National Oilwell Inc. (NOV) unlikely to show major correction
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Posted on 10/26/09 at 9:12am by Mark Moneymaster
National Oilwell Varco Inc. (NYSE: NOV) third-quarter net income fell by 30%, as the company reported the Q3 performance on Monday.
Yet, the Q3 results for National Oilwell Varco Inc (NOV) came out ahead of analysts' forecasts on both the topline and profitability front.
However, the National Oilwell Varco Inc. (NOV) is unlikely to retrace too much from its Friday’s level of $46.89, as the NOV stock has strong support around $45, and the stock is still forming higher tops and higher bottoms.
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