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April 12, 2023
NOV Inc. has posted further gains as part of a 3 day trend that has already seen the stock gain 49 cents. NOV pointed in the same direction today: pronounced bullish sentiment in the market helped the hydrocarbon exploration enabler to make a notable 1.19% gain today, rising 22 cents and ultimately closing at $18.72.
NOV is currently trading at $18.72 following the release of FOMC Meeting Minutes data from the United States.
NOV's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories beat the -583,000 projections, with 597,000.
Meanwhile, United States Consumer Price Index released today at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
NOV Inc.'s notable support and resistance levels: National Oilwell Varco Inc broke through the $18.7 resistance and climbed 2 cents above it. Trend-focused traders would be interested to note that investors are seeking long positions as NOV price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $19.04, thereby suggesting that NOV Inc. is becoming overvalued.
Overall, while NOV has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in NOV's share price coincided with other energy stocks as BP was up 0.85%. Chevron gained 0.35%, as it traded at $169.82.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Initial Jobless Claims projected to come out at 232,000 — worse than previous data of 228,000; data will be released tomorrow at 12:30 UTC.
Approximately 2 months ago, the hydrocarbon exploration enabler reached a significant high of $24.8 but has struggled to hold onto its gains and declined 25.4% since then.
