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June 21, 2023A quick look at yesterday: a tough session dominated by bearish sentiment left NOV Inc. 17 cents lower, while setting a $15.12 to $15.45 session range.
Meanwhile, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States Housing Starts beat the -0.8% projections, with 21.7%. United States Housing Starts (May) released yesterday at 12:30 UTC with a figure of 1.63 million, while the previous figure was 1.34 million.
Although National Oilwell Varco Inc is down today and was as low as $15.12, it seems to be recovering slightly and climbing away from the $15.21 support line and is now 21 cents above it. Despite being in the red so far in the current trading session, NOV peaked above its 21 day Simple Moving Average around $15.32 — typically an early indicator of a new bullish trend beginning to emerge.
Technical analysis shows that NOV (currently on a downtrend) might reverse course and start going up in the short term.
NOV Inc. was not the only decliner in the energy sector; Exxon Mobil dips 2.29% yesterday to close at $105.13. Chevron dips 2.28% yesterday to close at $157.26. BP lost 0.79% yesterday and closed at $35.07.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to decline to 1.87 million while previous data was 7.92 million; data will be released tomorrow at 15:00 UTC.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Existing Home Sales (May) scheduled to come out tomorrow at 14:00 UTC.
NOV Inc. hit a significant low of $14.07 around 21 days ago, but has since recovered 10.8%.
