NOV ended the session at $17.41, continuing its bearish run

Having fallen $5 in 7 days, Yesterday's session continued down the same path: during yesterday's session, NOV Inc. toiled and struggled for upward momentum before closing at $17.41. By the close, the the hydrocarbon exploration enabler suffered a 75 cents or 4.13% loss.

Trend and momentum 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. According to momentum evaluation, the Relative Strength Index indicates NOV is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $18.92, a low enough level to, generally, suggest that NOV Inc. is trading below its fair value.

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

NOV was not the only decliner in the energy sector; Exxon Mobil went down to $99.84, losing 1.18% after it closed at $101.03 yesterday. Chevron draws back 1.26% yesterday to close at $154.29.

Over the past a month, the Houston-based oil & gas exploration enabler has retreated 26.77% from a noteworthy peak of $24.8.