NOV currently down 3.42% halfway through today

Tough session sees the hydrocarbon exploration enabler shedding 3.42% in early trade

United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.

Support/Resistance levels obtained from chart analysis indicate that National Oilwell Varco Inc could begin to recover as it approaches significant support, now 9 cents away from $15.04. Dipping below could be an indication that further losses are ahead. According to momentum evaluation, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In NOV Inc.'s case, the RSI has fallen below 30, indicating the asset is oversold.

NOV Inc.'s stock value drop coincides with Exxon Mobil is down to $105.66, losing 1.93%, after ending yesterday at $107.74. BP is down 1.8% from the beginning of the session and now trades around $35.7. After closing the previous session (yesterday) at $157.09, Chevron lost $1.74 and is trading around $155.35.

Trending downwards for around a month. The Houston-based oil & gas exploration enabler has shed 34.86% over the past three months.