Interesting Technical Analysis finding for NOV INC (NYSE:NOV)

NOV INC (NYSE:NOV) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:NOV.

What is the technical picture of NYSE:NOV telling us.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to NOV. Both in the recent history as in the last year, NOV has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• Looking at the yearly performance, NOV did better than 93% of all other stocks.
• In the last month NOV has a been trading in the 19.91 - 21.91 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• NOV is an average performer in the Energy Equipment & Services industry, it outperforms 43% of 66 stocks in the same industry.
• NOV is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so NOV is lagging the market slightly.

For an up to date full technical analysis you can check the technical report of NOV

Why is NYSE:NOV a setup?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:NOV currently has a 8 as setup rating:

Besides having an excellent technical rating, NOV also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 21.35. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 20.57, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for NOV in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:NOV

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.