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Downtrend ResistanceArchive
- 4/26/2024 -
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National Oilwell Varco, Inc. (NOV) Technical Analysis
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| Summary:
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| | It was a first positive week for the National Oilwell Varco, Inc. (NOV). During the week, the NOV climbed 0.12 points, or 0.64%, and closed at 18.87 on Friday, April 26, 2024. Weekly volume was 25% above 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 October 29, 2020 at 7.70 and reached 24.83 on January 27, 2023. NOV gained -17.13 points, or -222.47%, in 117 weeks. The chart has formed a Symmetric Triangle chart pattern. The price is near the trend resistance line (18.78). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line 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 chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 15.79 and resistance is at 20.79. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See NOV weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since March 28, 2024. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See NOV short-term trend chart]
A short-term uptrend had started on February 26, 2024 at 16.77 and reached 20.74 on April 8, 2024. NOV gained -3.97 points, or -23.67%, in 42 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 18.34 and resistance is at 22.76. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.
Daily Technical Indicators: [See NOV daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. 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 daily MACD line is below its signal line since April 11, 2024.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
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