NOV closed at $21.5 (down 0.78%) and added one more to its 7th straight day of losses

A quick look at yesterday: despite the risk-off mood, NOV was range-bound between $21.47 to $21.95 and settled at $21.5.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

While price action maintains a negative bias, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales fell short of the 2% projections, with new data of -0.7%.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that NOV's lower Bollinger Band® is at $21.52, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis shows that NOV Inc. could begin to recover as it approaches significant support, now 17 cents away from $21.33. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests NOV Inc. has no clear-cut direction.

NOV was not the only decliner in the energy sector; Chevron lost 1.14% yesterday and closed at $161. BP closed at $39.77 (down 0.62%).

Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at 1.17 million — worse than previous data of 16.28 million; data will be released tomorrow at 16:00 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC.

Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.

Having soared to a high of $24.8 approximately 27 days ago, the Houston-based oil & gas exploration enabler is now trading 12.62% lower.