NOV - Our favourite pick You can't ask for more.
There are earnings in a week so lets hope they go quietly, we don't want any major swings. Let's see what happens and we will be back shortly with an update.
Its funny because we've been analysing NVO closely and I accidentally typed NOV, just to get one of the best looking assets I've seen since BTC at 25k - in fact they are very similar.
NOV
$NOV NovarttiHOpe you aren't a hodler!!!
Looks like she's forming a bullflag there. I've taken historical the gradients from the p [rior consolidations. They are all consistent so far. The pitch of the final flag remains to be seen, but likely the light green again. There is a nice ledge there for a waistline and the VWAPs and RSI bands are looking good.
Plenty of down left though.
Black Gold is not doneBlack Gold finally broke out from the 3 month cup handle pattern as mentioned last week! Although weekly chart was showing bearish, it was a bullish flag because the lows never broke. This week the momentum continues upward possibly in a big way. Extremely Bullish! Once it breaks 56.75, 59 will be the next target. XOM, SLB, NOV are yummy plays.
NOV: 1-2yr Covered Call StrategyReasons 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 volatility of the commodity swings.
Sentimental Analysis
- NOV made a series of small acquisitions that will likely improve revenue.
- since NOV supplies equipment its major stock price rebound lags the recent run up in oil prices and will likely follow suit.
- NOV under-performance in recent earnings was already priced in and stock prices surged in-spite, a strong indicator of market confidence in future performance.
Technical Analysis
- NOV has recently tested its 200EMA, consolidated, and recovered ~21%;
- NOV just had a bullish crossover on the STC
- NOV also has been beating VWAP in its recent bullish trend
- NOV remains ~30% below its pre-COVID levels.
PLAN
Entry Price: $14-$15, average down to $13.5
TGT Sale Price: Conservative - $18, Moderate - $22, Final- Set trailing Stop
Stop Loss: $12
Max Position Size: 5% of portfolio
Note - NOV hosts weekly OPTIONS. Average in to 100 shares (+). Begin selling weekly CALLs @ 1 Standard Deviation above average purchase price, while collecting modest DIV. Try to sell after 365 for long terms capital gains but do not violate STOP.
$NOV Poised for Breakout as Oil Investment Case Grows?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.
NOV approaching resistance, potential drop! NOV is approaching our first resistance at 30.16 (horizontal pullback resistance, 23.6% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 24.17 (horizontal swing low support).
RSI (89) is also seeing a bearish exit where we might see a corresponding drop in price.
NOV Approaching Resistance, Potential Drop! NOV is approaching our first resistance at 30.16 (horizontal pullback resistance, 23.6% fiboancci retracement) where a strong drop might occur below this level pushing price down to our major support at 24.17 (horizontal swing low support).
RSI (89) is seeing a bearish exit and we might see a corresponding drop in price.
FOMC // Trading the speeches (scalping idea) on 1.06Hello!
Dudley and his governor friend George are out to speak in less than 25 minutes and the US market and EURUSD is not making a noise since. At least on Minute 1 chart I don't see anything that catches my eye, but we should see a fine spike on M30 if it reaches 1.0600 (roughly) and take advantage of that. I'll show you how and I will be updating this idea as time goes by!
Thanks for checking this out.
NOV- POTENTIAL bear channel B wave being built.If you are one who trades what they see then this is right up your alley. The First Thrust down off the peak is the A wave then comes snapback rally for the B wave which is what we are in now. Only time will tell if this issue breaks to the downside of the B wave bear channel.