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TheStreet Open House

5 Stocks Setting Up to Break Out

National Oilwell Varco

Another stock that's just starting to breakout today is oil well services and equipment player National Oilwell Varco (NOV), a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. This stock is off to a strong start in 2012, with shares up over 23%.

If you take a look at the chart for National-Oilwell Varco, you'll notice that this stock has been uptrending nicely for the past six months, with shares making mostly higher lows and higher highs. Shares of NOV have recently been riding right along its 50-day moving average, and finding buying interest whenever it touches that key technical level. Now NOV is starting to trigger a breakout above some near-term overhead resistance.

Traders should watch NOV for a breakout trade if this stock can manage to sustained a high-volume move and close above $82.67 a share on heavy volume. Look for volume on a move above that level that registers near or well above its three-month average action of 3.6 million shares. At last check, NOV has hit a daily high of $83.86 and volume is tracking in strong at over 2.8 million shares traded.

Market players should now look for long biased trades in NOV as long as this stock is trending above that near-term breakout level of $82.67 with strong upside volume flows. There's a good chance that if this breakout is the real deal, that NOV is going to re-test its recent high of $87.59 a share, or possibly trend much higher.

NOV, which shows up on a list of 15 Best Stocks at Top-Performing Mutual Funds, was also featured recently in " 5 Cash-Rich Stocks to Buy in 2012."

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