We have a monster of a pattern trying to play out here on $NOV Double bottom reversal only confirmed with a break above $16.53 Send it
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*Yar-den - S&P 500 OIL & GAS EQUIPMENT & SERVICES - Bearish *Neg-Earnings (-5.44/5999.25%) *Long Con - Over extended *Short Con - Below Average *E-MINI S&P ENERGY INDEX - Bearish
National Oilwell (#NOV - US) is in downtrend. It looks like 4th wave bear flag after big downfall. Sell with stops above 13.10 for target as new low in this time frame.
Here's the kicker. It may very well be true that the world is so starved for manufacturing activity that any additional supply coming online will crush the oil price. But in this particular case, the short-term fundamentals driving the oil price are not going to translate to the long-term prospects of oversold oilfield plays, and NOV is one of them. This is...
Hi Guys Below my analysis: Monthly: Price at support levels. OBV bullish divergence Weekly: False breakdown with bullish MACD divergence (both histogram and lines). Nice OBV bullish divergence. RSI just crossed the 30 level Daily: Fresh MACD lines bullish crossover. RSI above 50. On the negatives: strong resistance just above current levels (13 EMA on the...
NOV is approaching our first resistance at 30.16 (horizontal pullback resistance, 23.6% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 24.17 (horizontal swing low support). RSI (89) is also seeing a bearish exit where we might see a corresponding drop in price.
NOV is approaching our first resistance at 30.16 (horizontal pullback resistance, 23.6% fiboancci retracement) where a strong drop might occur below this level pushing price down to our major support at 24.17 (horizontal swing low support). RSI (89) is seeing a bearish exit and we might see a corresponding drop in price.
this is down to my most basic combination of trade set up 1. Uptrend channel support 2. + potential hidden bullish divergence with round bottom basing 3. confluence of horizontal support at 43-45 Either i can long 100 shares outright when price reach target zone or i can sell put options to get it exercised Contingency plan, getting out at 42.5 as it might also...
Bearish Bat with bearish reverse divergence Measurements - .886XA - 1.618BC - 1.61AB=CD
NOV looks very bullish here on the monthly. Needs to clear 36 to run. Possible to run 44-46 next year imo.
ENTER 34.34 STOP 35.50 TARGET 21.83