U.S. stock market closed on a positive note on Monday on hopes that China will take monetary policy further, if needed. The Dow Jones industrial average rose 7.39 points or 0.04% to close at 17817.45, the S&P 500 gained 5.94 points or 0.29% to close at 2069.44 and the NASDAQ Composite added 41.92 points or 0.89% to 4754.89. Although DOW & S&P are trading at their record highs but they were not able to break the benchmark level which was set last Friday. Consumer Confidence and GDP data are due on Tuesday, which are expected to come positive for the US economy, to take the market set new highs.
NATIONAL OIL WELL VARCO INC
Recommendation : Buy above $74.50
Target : $76.50
STOCK SUMMARY:-National Oil Well Varco Inc is overall in consolidate trend and is sustaining at lower levels on chart. Traders can buy the stock above the level of $74.50 which is a near term resistance level for the stock, and if it manages to breach this level further bullish movement is expected in this stock to test the levels of $76.50.
CHART FORMATIONStock is in bullish trend for near term and price is sustaining above resistance trend line with symmetrical triangle pattern formation on daily intraday chart. Near term breach of resistance level of $74.50 is expected, which would trigger further bullish sentiment in the stock to test the levels of $76.50.
RSI is trading with positive bias and is sustaining above the level of 50.
In MACD, signal line is sustaining above MACD line which is indicating bullish sentiment in the stock.