National Oilwell Varco Inc Stock Forecast
National Oilwell Varco Inc stock upgraded to Hold/Accumulate.
(Updated on Apr 19, 2024)
The National Oilwell Varco Inc stock price gained 1.35% on the last trading day (Friday, 19th Apr 2024), rising from $18.50 to $18.75. During the last trading day the stock fluctuated 2.62% from a day low at $18.29 to a day high of $18.77. The price has fallen in 7 of the last 10 days and is down by -8.58% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 367 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $46.93 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 4.53% during the next 3 months and, with a 90% probability hold a price between $18.13 and $21.59 at the end of this 3-month period.
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NOV Signals & Forecast
Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The National Oilwell Varco Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $19.07 and $18.92. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -8.58%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for National Oilwell Varco Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $17.62 and $17.31. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, National Oilwell Varco Inc finds support just below today's level at $17.62. If this is broken, then the next support from accumulated volume will be at $17.31 and $17.27.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.480 between high and low, or 2.62%. For the last week, the stock has had daily average volatility of 2.87%.
Our recommended stop-loss: $17.62 (-6.02%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (NOV) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect National Oilwell Varco Inc to open at $18.60, and during the day (based on 14 day Average True Range), to move between $18.23 and $19.27, which gives a possible trading interval of +/-$0.515 (+/-2.75%) up or down from last closing price. If National Oilwell Varco Inc takes out the full calculated possible swing range there will be an estimated 5.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $19.84 (5.81%) than the support at $17.62 (6.03%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
National Oilwell Varco Inc will release earnings AMC on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.270. We will update the financials statements for National Oilwell Varco Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.62% in the first trading day after earnings release.
Is National Oilwell Varco Inc stock A Buy?
National Oilwell Varco Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.378 Hold/Accumulate Upgraded
Predicted Opening Price for National Oilwell Varco Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $18.60 ( 0.782%) | $18.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NOV
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.08 | 1.78 % | |
| R2 | 18.90 | 0.800 % | ||
| R1 | 18.79 | 0.196 % | ||
| Current price: | 18.75 | |||
| Support | S1 | 18.42 | -1.76 % | |
| S2 | 18.31 | -2.36 % | ||
| S3 | 18.12 | -3.34 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 20.98 | 11.89 % | |
| R2 | 20.10 | 7.20 % | ||
| R1 | 19.84 | 5.81 % | ||
| Current price | 18.75 | |||
| Support | S1 | 17.62 | -6.03% | |
| S2 | 17.31 | -7.68% | ||
| S3 | 17.27 | -7.89% |
NOV Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 15, 2024 | Mar 13, 2024 | Mar 28, 2024 | $0.0500 | 0.256% |
| 2 | Nov 16, 2023 | Dec 07, 2023 | Dec 22, 2023 | $0.0500 | 0.244% |
| 3 | Aug 17, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.0500 | 0.239% |
| 4 | May 18, 2023 | Jun 15, 2023 | Jun 30, 2023 | $0.0500 | 0.312% |
| 5 | Feb 24, 2023 | Mar 16, 2023 | Mar 31, 2023 | $0.0500 | 0.270% |
FAQ
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