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June 26, 2023
From an earlier low of $15.21, the hydrocarbon exploration enabler is on track to end the session around $15.47 after gaining 27 cents compared to last trading session's $15.2 (1.78%).
At the same time, United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
Despite posting gains so far today, National Oilwell Varco Inc slid below its 21 day Simple Moving Average at $15.35 in earlier trade — an early indicator that a negative trend could be emerging. After reaching the known resistance zone beginning at $15.53, NOV Inc. price action retreated approximately 6 cents.
Examining the technical analysis landscape, NOV is likely to reverse course and start pointing downward in the short term.
This rally in NOV Inc.'s share price coincides with other energy stocks as Exxon Mobil is up 2.25%. Chevron is up 2.23%. BP gained 1.34%, currently at $35.27.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Core Durable Goods Orders is projected to outperform its last figure with -0.2%, having previously been at -0.3%. The figure will be published tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Building Permits is scheduled for tomorrow at 12:00 UTC. United States New Home Sales (May) scheduled to come out tomorrow at 14:00 UTC.
Having soared to a high of $24.8 approximately 4 months ago, the Houston-based oil & gas exploration enabler is now trading 38.71% lower.
