optionsswing

$NOV long idea

Long
NYSE:NOV   NOV Inc
$NOV is a leading company in the oil and gas drilling equipment and as we all know the US must start ramping up oil and gas production in order to relieve some of the pressure we see at the pump. The market might start pricing in some government funding towards oil drilling which requires heavy equipment.

$NOV has broken out of the range created since March 2020 and is now entering a low liquidity point where there was mostly sellers. This price action may get violent to the upside as funds who have low exposure to energy start to step in. Such as that of Berkshire which we saw on Friday's close; the conglomerate added to his $OXY position at an average of $50.

Targets are $20, $22, $24 and $26.

OptionsSwing Analyst
Daniel Betancourt

Education first, profits second.
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