I may be the only trader that bought today. I pulled the trigger on NOV. National Oil Well Varco. NOV was only apptozomately 1% of my portfolio and it is now about 3%. I am considering this a Natural Gas play as I feel it has bottomed for the fall of 2008. Crude has a little ways to go, but it was time for me when NOV was 13% down on the day. Way under valued

Well you are a pretty brave guy in my opinion...the stock is very very bearish by the charts...let me show you

Here is the Sharpchart:NOV - SharpCharts from StockCharts.com

The first thing that jumps out is the sharp negative drop of the 50dayMA which is about to negatively cross the 200dayMA....this is never a good sign for a rebound.

The bollinger bands tightened a bit at the beginning of the month and the stock price looked nicely positioned but the bottom fell out and the stock plummeted losing about 1/3 of its value and the bands are still widening with the share price hugging the lower band...not a good sign.

The RSI is in the gutter, the TRIX is negative with a negative slope and the Accum/dist has a negative slope and is below its 20dayMA...definitely bearish.

Here is the long term view with the P&F chart



Whoa!!! the share price shows a double bottom breakdown and it has crashed through a major support level of $52.00...the next support level is a way down there at $35.00!!! The $52.00 now becomes a resistance level with secondary resistance at $57.00....long term is not pretty.

Here is the 5 day Yahoo linechart



Well it had a rough ride this morning (Sept 16) but seems to have recovered a bit. I think this stock will fall a lot further before any recovery takes place.

It may be undervalued, but so are so many energy stocks. All I can say is: Pray for a very cold winter".

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I am not a stockbroker. I retired four years ago and learned charting. The opinions expressed in my posts are my own. Do your own DD and accept or reject my comments as you please.

Great call on NOV yesterday, up 7% today on a huge bullish engulfing candle off the bottom, seems your technical analysis was spot on! Great work and hope to see more like it.