NOV bounced 11 cents from 7 months low and closed at $14.57

NOV dropped to $14.46, its lowest point in 7 months. It later recovered 11 cents and closed at $14.57.

United States Building Permits (Apr) is next today at 12:30 UTC.

United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — new Core Retail Sales data from United States matched market expectations with a reading of 0.4% — a positive step in contrast to previous data of -0.5% from last month.

Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.69 million, while the previous figure was 3.62 million.

National Oilwell Varco Inc made an initial break below its 3 day Simple Moving Average at $15, a possible indication of a forthcoming negative trend. On the other hand, note that NOV could begin to recover as it approaches significant support, now 25 cents away from $14.32. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting NOV Inc. to extend its recent losses.

NOV was not the only decliner in the energy sector; Exxon Mobil drops 2.43% yesterday to close at $105.07. Chevron went down to $153.51, losing 2.35% after it closed at $157.2 yesterday. BP slides down 1.8% yesterday to close at $36.19.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -920,000 from the preceding figure of 2.95 million.

Moreover, United States Initial Jobless Claims is projected to outperform its last figure with 254,000, having previously been at 264,000. The figure will be published tomorrow at 12:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (May) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Apr) is scheduled for tomorrow at 14:00 UTC.

On a negative trend for around a month. The hydrocarbon exploration enabler is now trading 35.39% below its 3-month high of $24.8.