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Advanced TA SearchArchive - 5/3/2024 - Sign In to see current Signals. |
National Oilwell Varco, Inc. (NOV) Technical Analysis
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| Summary:
| | Weekly : | | Daily : Move cursor over the icon to see details.
| | It was the negative week for the National Oilwell Varco, Inc. (NOV). During the week, the NOV dropped -0.33 points, or -1.75%, and closed at 18.54 on Friday, May 3, 2024. Weekly volume was -18% below 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 price is near the trend resistance line (18.68). 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 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 trend support level is at 15.68 and resistance is at 20.75. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend. Weekly Technical Indicators: [See NOV weekly technical indicators chart] Weekly technical indicators are neutral. The weekly MACD line is above its signal line since March 28, 2024. The distance between MACD and the signal line is low and getting smaller. 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 February 26, 2024 at 16.77 and reached 20.74 on April 8, 2024. NOV gained -3.97 points, or -23.67%, in 42 days. The chart has formed a Symmetric Triangle chart pattern. The price is near the trend support (18.53) line. The support is usually stronger when technical indicators are oversold. 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 support line in a short-term trend. Daily Technical Indicators: [See NOV daily technical indicators chart] Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. Daily Lane's Stochastic and MACD have bullish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bullish 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 and Williams' Percentage Range help. The daily MACD line is below its signal line since April 11, 2024. The distance between MACD and the signal line is low and getting smaller. During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level. During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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