NOW INC

NYSE

DNOW

Rising wedge in downtrend has run into an important flip zone and was rejected from there.

20% move from August, rising up against established down trend line. Looked like a good short into pre-earnings pullback and seasonality on oil. Target $11.60's or thereabout.

DNOW prints a hammer on the daily chart as 2,000 of April 17.5 calls traded today on the ask for $0.20. This trade is $40k of premium, calling a bottom on DNOW that has fallen from strong resistance at the 22.85ish level. Trader stands to profit $20,000 per $0.10 increment above the break even at $17.70.

adding position on this ticker

LONG

Is this a bottom?

DNOW expected to open at 22 for a Retest Gap. Watch out for nearby pivot. To learn to trade this strategy for free go to www.RealLifeTrading.com