NOW (DNOW) shows a choppy trading pattern, but we can still see what prices would turn the chart bullish and what level spells further losses.
Let's check out the latest charts and indicators.
In this updated daily bar chart of DNOW, below, we can see that DNOW sold off sharply in February and March. Since the middle of March DNOW has been in a choppy range from around $15.50 to around $18.00. Prices have crossed above and below the flat 50-day simple moving average line. The slope of the slower to react 200-day average is still negative. The daily On-Balance-Volume (OBV) line has been neutral the past two months suggesting that investors are not strongly attracted to DNOW right now. The daily Moving Average Convergence Divergence (MACD) oscillator briefly moved above the zero line but has turned lower again.
In this weekly bar chart of DNOW, below, we can see that prices are below the declining 40-week moving average line. The weekly OBV line remains at depressed levels after a long decline. The weekly MACD oscillator has narrowed towards a possible crossover to a cover shorts buy signal. If prices weaken this crossover probably will not happen.
In this Point and Figure chart of DNOW, below, we can see what price levels will strengthen the chart and what levels will weaken it. A decline to $15.00 will be a new low for the recent action and would be bearish. A rally to $18.50 would be a short-term upside breakout and would be modestly positive for prices.
Bottom line -- DNOW looks stuck in narrow range. This range could easily continue but it will eventually be broken. I think the odds favor a breakout on the downside but I don't want bias your opinion. The market will do what it wants to do.