NOV Inc. : In oversold situation
Entry price | Target | Stop-loss | Potential |
---|
$66.48 |
$0 |
$63.4 |
-100% |
---|
National-Oilwell Varco, shows relatively strong fundamentals and is coming back to attractive price.
Technically, the security is in a negative configuration in the short term as the bearish trend of 20-day moving average, currently at USD 69.9, shows. Nevertheless, the stock seems in an oversold situation, near to its USD 65.75 support in daily data. This level might stop the bearish trend in the short term.
Therefore, the proximity of the USD 65.75 support is an opportunity to take a long position in National-Oilwell Varco. The first goal is a return in the USD 70.3 resistance area. In fact, the security has to cross this area in order to re-establish a bullish trend in the short term. A stop loss order can be placed under the support currently tested.
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