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Actionable news in NOV: NATIONAL OILWELL VARCO Inc,

National Oilwell Varco (NOV) Stock Looks Ready to Outperfom

NEW YORK (TheStreet) -- Like many energy names, National Oilwell Varco (NOV - Get Report) has had a terrible year, but technicians should be seeing the light at the end of the tunnel.

This first chart of NOV, above, shows at least two things: the relentless and deep decline in the price of NOV and the building bullish divergence from the momentum indicator. Momentum is basic math: today's price minus the price X days, or weeks, ago. If today's price is lower than X days ago we have negative readings. If it's higher than X days ago, we have positive readings. Momentum readings tend to peak before price highs and bottom before lows. The momentum readings on NOV have been making higher lows since last October, telling us that each decline in the price of NOV has been slower than the previous decline. Before a downtrend is broken, the rate of decline in prices first slows.

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This longer-term chart of NOV, above, tells the same story on a different time frame. In the lower panel, we can see...