If you are one who trades what they see then this is right up your alley. The First Thrust down off the peak is the A wave then comes snapback rally for the B wave which is what we are in now. Only time will tell if this issue breaks to the downside of the B wave bear channel.
From a strictly technical perspective, NOV has broken through its 74 dollar resistance level and if NOV performs as it has in its past, a quick escalation is soon to be expected, followed by an almost immediate descent.
Updated. Still looking for retest of resistance turned support at 72. In my opinion that is a good level to buy in if you haven't yet. Looking for bounce up to 75 to see if we can pass high set in Feb. Currently going through short term bear cycle, watch intensity of it.
I have been watching Varco for quite some time as the fundamentals of the company are excellent. However until today I have not seen an a good entry point. The first display of Varco's strength was last friday. On friday oil was down significantly and Varco was up over 1.5%, and while oil us up, Varco continues to display rise and has now broken out.
Regarding...
We have higher lows as the 230SMA moves south. This has foreshadowed higher highs in the last two swings. Will watch to see if we break downtrend line. If we do, we could be headed higher. Expecting resistance at the major pivot area.
