From a strictly technical perspective, NOV has broken through its 74 dollar resistance level and if NOV performs as it has in its past, a quick escalation is soon to be expected, followed by an almost immediate descent.
As expected headed back toward 72 and now making move towards 75
Updated. Still looking for retest of resistance turned support at 72. In my opinion that is a good level to buy in if you haven't yet. Looking for bounce up to 75 to see if we can pass high set in Feb. Currently going through short term bear cycle, watch intensity of it.
I 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...
Price hit good level of support with a dark cloud cover pattern at this support level. This pattern was confirmed the next day with bullish movement. Price should hit the 2nd resistance level. Exit is below support.
With tight stop at $69 expecting to easily push towards $75. Last inverted head and shoulders did not achieve the goal, but still valid pattern, a new continuation bullish diamond bottom is also formed as well as bottom triangle. We got a few more of this kind of setups next week and join us www.woowtrading.net
We have higher lows as the 230SMA moves south. This has foreshadowed higher highs in the last two swings. Will watch to see if we break downtrend line. If we do, we could be headed higher. Expecting resistance at the major pivot area.
FYI the company will report its earning on Feb 1st. This bullish pattern is suggesting a possible upside move of 10% from Friday's close. If you decide to take a long position with earning report date in mind, make your stop lost at recent swing low at $70 with target price $78. In this earning season, you need to join us www.woowtrading.net
NOV - Strongest midcap (30B) performer in last yrs July 2010 - Feb 2011 rally, equally strong out of this recent dip. SP100 top 8: OXY-NOV-CAT-WMB-HAL-APA-BHI-SLB