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Industrial REITs Industry Stocks Technical Analysis - NOV

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- 3/15/2024 -
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National Oilwell Varco, Inc. (NOV) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend support lineLane's Stochastic is oversold
Daily :Williams' Percentage Range is overboughtLane's Stochastic is strongly overboughtPrice has crossed above the 50 Day Moving Average
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It was a second consecutive positive week for the National Oilwell Varco, Inc. (NOV). During the week, the NOV gained 0.89 points, or 5.04%, and closed at 18.56 on Friday, March 15, 2024. It was the best weekly gain since January 26, 2024. Weekly volume was -15% below average.

NOV is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See NOV long-term trend chart]
A long-term uptrend had started on May 31, 2023 at 14.05 and reached 21.91 on September 5, 2023. NOV gained -7.86 points, or -55.94%, in 13 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend support line (21.20) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a long-term trend.

Medium-term trend: [See NOV medium-term trend chart]
A medium-term downtrend had started on September 5, 2023 at 21.91 and reached 16.77 on February 26, 2024. NOV lost 5.14 points, or 23.46%, in 24 weeks. The price is now at the 34.82% retracement level.

Weekly Technical Indicators: [See NOV weekly technical indicators chart]
Weekly Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The weekly MACD line is below its signal line since January 26, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See NOV short-term trend chart]
A short-term downtrend had started on January 25, 2024 at 21.23 and reached 16.77 on February 26, 2024. NOV lost 4.46 points, or 21.01%, in 32 days. The chart has formed a Falling Channel chart pattern.

Daily Technical Indicators: [See NOV daily technical indicators chart]
Daily Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range or strongly overbought daily Lane's Stochastic. Use the following link to access Williams' Percentage Range help.

The daily MACD line is above its signal line since February 22, 2024. The distance between MACD and the signal line is relatively high and getting bigger.

During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 77.23
Williams' Percentage Range (W%R) 14.50
Overbought
Lane's Stochastic (%D-Slow) 90.12
Strong Overbought
Greed/Fear Indicator (GFI) 84.27
Overbought
Moving Average Converg./Diverg. (MACD) -0.21
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 48.20
Williams' Percentage Range (W%R) 56.50
Lane's Stochastic (%D-Slow) 13.99
Oversold
Greed/Fear Indicator (GFI) 34.58
Moving Average Converg./Diverg. (MACD) -0.20
Trading Signals
Description Value Chart
Monthly Trendline Support 21.20
Monthly Trendline Resistance 20.99
Upper Bollinger Band 18.94
Daily Stochastic Crossing 18.82
Price 18.56
50 Day Moving Average 18.44
Parabolic System 17.74
20 Day Moving Average 17.46
Weekly Stochastic Crossing 17.44
Lower Bollinger Band 16.70
Sector and Industry
Description Name Rank
Sector Energy 9
Industry Oil & Gas Equipment & Services 27
Daily Trend
Description Value
Direction Down
Chart Pattern Falling Channel
High 21.23
High Date 01/25/2024
Low 16.77
Low Date 02/26/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 21.91
High Date 09/05/2023
Low 16.77
Low Date 02/26/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Support
Resistance 20.99
Support 21.20
Low 14.05
Low Date 05/31/2023
High 21.91
High Date 09/05/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 24.83
High Date 01/27/2023
Low 14.05
Low Date 05/31/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 7.70
Low Date 10/29/2020
High 24.83
High Date 01/27/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.