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...
NOV is another candidate from the list os us energy stocks we have been watching lately. Like this others we believe it is currently in a corrective wave and are waiting for a the next impulse down.
This one doesn't have as clear lower trend line so it's not going to as easy to identify when it meets our conditions to short compared to some of the other us...
Since it bottomed in Oct along with market, price printed several higher lows but failed to push a new HH as 62% larger FIB became an obstacle to over come above that level will be a bullish with target price 79 and above. Recent bearish evening star remains a concern but for now it is evaporated and bulls took the control. If you decide to take a long position...
