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Advanced TA SearchArchive
- 4/5/2024 -
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National Oilwell Varco, Inc. (NOV) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was a fifth consecutive positive week for the National Oilwell Varco, Inc. (NOV). During the week, the NOV gained 0.99 points, or 5.07%, and closed at 20.51 on Friday, April 5, 2024. It was the best weekly gain since January 26, 2024. Weekly volume was 19% above average.
NOV is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See NOV long-term trend chart]
A long-term uptrend had started on October 29, 2020 at 7.70 and reached 24.83 on January 27, 2023. NOV gained -17.13 points, or -222.47%, in 117 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (16.13) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See NOV medium-term trend chart]
A medium-term downtrend had started on September 5, 2023 at 21.91 and reached 16.77 on February 26, 2024. NOV lost 5.14 points, or 23.46%, in 24 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The price is near the trend resistance line (20.89). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See NOV weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.
 Short-term trend: [See NOV short-term trend chart]
A short-term uptrend had started on March 27, 2024 at 18.98 and reached 20.63 on April 5, 2024. NOV gained -1.65 points, or -8.69%, in 9 days. The price is now at the 7.27% retracement level.
 Daily Technical Indicators: [See NOV daily technical indicators chart]
Daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Daily Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is above its signal line since February 22, 2024. This is an indication that the short-term trend is up.
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