Price has broken out of the larger channel in white
Price is now trending up a channel in green
Price from here could fall back to the white channel and find a support above it, or just continue above through the green channel
Daily chart
Order SELL DNOW NYSE Stop 11.19 LMT 11.19 will be automatically canceled at 20230401 01:00:00 EST
DNOW daily bearish hammer at buying zone, stop loss above it, take profit to ceiling of selling zone.
Great technicals and fundamentals, Michael Burry has a position, and rising oil prices....
this is no advice of course... but....
TP: 16
SL: 9.98
R/R: 1 to 5
DNOW already got positive impulse from COVID vaccine development and economy boost. The focus is now changed and the company becomes less interesting to invest in
Double bottom and a cup & handle along a horizontal support
Daily hidden bullish divergence on the MACD
4hr hidden bullish divergence on the MACD and RSI
Stop = Below horizontal support
1st Target = Horizontal resistance
2nd Target = Horizontal resistance
3rd Target = Measured move of the double bottom
NYSE:DNOW
SWING TRADE
Reasons:
1) Bounced on support
2) RSI Crossing up
3) MACD Crossing up
4) Big red bars down
Entry: 7.92
Target: 8.94
Stop Loss: 7.68
Risk Reward: 4
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.
