Up Channel in grey
I expect a move up like was seen earlier in the channel development
Placed bars patterns to show my thoughts roughly on price evolution in green
Bullish on this timeframe
If you missed out on the oil and crude plays of recent weeks, this play might be for you.
Oil drillers are allegedly feeling the pain of a worker shortage, and drilling equipment shortage.
According to CNN , "They can't find people, and can't find equipment," said Robert McNally, president of consulting firm Rapidan Energy Group. "It's not like they're...
$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.
$NOV has broken out of the range created since March 2020...
Reasons for likely recovery :
Fundamental Analysis
- NOV suffered under major commerce COVID restrictions' impact on petro use.
- NOV is poised to recover with the opening of commerce. Petro sector is critical for both recovery and any developments in the ALT energy sectors.
- NOV supplies the equipment to the petro market, insulating it somewhat from the...
Ascending Triangle, awaiting confirmation (30PC)
Pros:
Flat volume during formation
Volume at break out
Golden cross in blue
PPS above 50MA and 200MA
RS above 0, and ascending
ATR Ascending
R/R ratio above 6
200MA ascending
Cons:
250RSI below 50
Target:
PT = 20.90$
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Always do...
This is the first time I publish something. Pretty new at this and would love to get some help / guide.
Can anyone confirm this is a correct Cup n Handle??
Thanks a lot.
DC
Hey guys, NOV is in a fake bearish movement with a sort of shooting star and a fake explosion in the volume of purchases issued. On the TIMEFRAME M1 we can see the shape of a hammer candle with a false return of sales volume, it goes on its last previous lower. What is outside the equilibrium zone make its trend reserve to go away on the several points of the...
NOV could be poised to benefit from increasing investment in oil capacity expansion as Crude Oil prices lift after low capital investment during the pandemic. Reopening means higher energy demands. NOV has been mostly left behind. Breakout possible above $16.
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Long 100 $NOV
Short 35 $OKE
*Yar-den - S&P 500 OIL & GAS EQUIPMENT & SERVICES - Bearish
*Neg-Earnings (-5.44/5999.25%)
*Long Con - Over extended
*Short Con - Below Average
*E-MINI S&P ENERGY INDEX - Bearish
National Oilwell (#NOV - US) is in downtrend. It looks like 4th wave bear flag after big downfall. Sell with stops above 13.10 for target as new low in this time frame.
Here's the kicker. It may very well be true that the world is so starved for manufacturing activity that any additional supply coming online will crush the oil price. But in this particular case, the short-term fundamentals driving the oil price are not going to translate to the long-term prospects of oversold oilfield plays, and NOV is one of them.
This is...
