NOV pops to highest close since July 30, 2015

National Oilwell Varco Inc. (NOV) Technical Analysis Report for May 17, 2018

Highlights

NOV closes higher for the 10th day in a row
NOV pushes through previous session high
NOV rises to highest close since July 30, 2015

TQ Sentiment

Report Sentiment:
33% Bullish
Technical Forecast:

Overview

Moving higher for the 10th day in a row, NOV ended Thursday at 42.93 surging $0.76 (1.8%). Today's closing price of 42.93 marks the highest close since July 30, 2015. Closing above Wednesday's high at 42.25, the share confirms its breakout through the prior session's high having traded $1.04 above it intraday.

Daily chart for NOV

Volatility

Thursday's trading range was $1.10 (2.6%), that's above last trading month's daily average range of $0.90. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Trading close to 2,016's high at 43.63 we could see further upside momentum if potential buy stops at the level get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for National Oilwell Varco Inc.

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