By Mill Chart
Last update: Sep 18, 2023
Our stock screener has spotted NOV INC (NYSE:NOV) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:NOV.
ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.
Taking everything into account, NOV scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, NOV is only an average performer.
For an up to date full technical analysis you can check the technical report of NOV
Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:NOV currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.
Besides having an excellent technical rating, NOV also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. Another positive sign is the recent Pocket Pivot signal.
A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.
Of course, there are many ways to trade or not trade NYSE:NOV and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
Our Breakout screener lists more breakout setups and is updated daily.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.
NYSE:NOV (9/20/2023, 7:04:01 PM)After market: 20.58 0 (0%)
NOV INC (NYSE:NOV) Technical Analysis observations.
NOV INC (NYSE:NOV) showing some interesting technicals. Here's why.
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National Oilwell Varco (NYSE:NOV) declares $0.05/share quarterly dividend, in line with previous.Forward yield 0.98%Payable Sept. 29; for shareholders of record Sept. 15; ex-div Sept.
National Oilwell Varco press release (NOV): Q2 GAAP EPS of $0.39 beats by $0.09.Revenue of $2.09B (+20.8% Y/Y) beats by $10M.Operating Profit of $181 million, up $55...