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April 24, 2023
A quick look at Friday: the Houston-based oil & gas exploration enabler hovered around the $18.28 level after closing Thursday at $18.46 and shedding 0.98%, as it reached reached Friday's session close.
National Oilwell Varco Inc made an initial break below its 21 day Simple Moving Average at $18.31, a possible indication of a forthcoming negative trend. NOV's upper Bollinger Band® is at $19.03 which indicates a further downward move may follow. On the other hand, note that NOV could begin to recover as it approaches significant support, now 21 cents away from $18.07. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting NOV Inc. to extend its recent losses.
NOV Inc. was not the only decliner in the energy sector; BP lost 0.55% Friday and closed at $39.64. Chevron closed at $169.12 (down 0.43%).
On the other hand, positive performances could be seen by looking at other energy stocks as Exxon Mobil added 0.32% to its value, and traded at $116.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 104 from the preceding figure of 104.2.
Furthermore, United States Building Permits is expected tomorrow at 13:30 UTC. United States New Home Sales (Mar) will be released tomorrow at 14:00 UTC.
The stock has been trending positively for about 28 days. The hydrocarbon exploration enabler is now trading 25.56% below the significant high of $24.8 it set around 2 months ago.
