NOV, long but rewarding routethis 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 fall to 30-32
NOV trade ideas
National Oil Well Varco Corrective, Likely a SellNOV 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 energy stocks.
Given that there are so many other options we would keep in on the list to watch out for but may decide not to trade it.
9% upside opportunity next 4-weeksSince 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 make your stop loss at recent swing low at and around 71.25. If you want to get a real time alerts on this security try us www.2waytrading.com
NOV- POTENTIAL bear channel B wave being built.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.
Time to get in National Oilwell VarcoI 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 confirmation, both MACD and RSI have been trending upward for the last couple weeks and have now been confirmed with price. Volume has yet to confirm. The final signal that signaled a buy was the presence of the an ascending triangle.