NOV Inc. closed at $18 (down 1.15%) and added one more to its 4th straight day of losses

Investors are currently sidelined due to the Good Friday holiday but will return to their desks Monday. Looking back over the previous session yesterday: an influx of sellers pushed the Houston-based oil & gas exploration enabler to session lows around $18 while establishing a $18 to $18.35 session range yesterday.

United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts.

Amid the market gloom, United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.38 trillion, while the previous figure was 3.40 trillion. Fresh Fed's Balance Sheet data from United States came out at 8.63 trillion.

National Oilwell Varco Inc could begin to recover as it approaches significant support, now 13 cents away from $17.88. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, NOV Inc. peaked above its 10 day Simple Moving Average around $18.13 — typically an early indicator of a new bullish trend beginning to emerge.

Technical analysis indicates that NOV Inc. (currently on a downtrend) might reverse course and start pointing upward in the short term.

NOV was not the only decliner in the energy sector; Exxon Mobil closed at $115.05 (down 1.66%). Chevron went down to $167.65, losing 1.31% after it closed at $169.88 yesterday. BP went down 0.95%, closed at $39.89.

Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls expected to decline to 239,000 while its preceding data was 311,000, data will be available today at 12:30 UTC.

Furthermore, United States Unemployment Rate is expected today at 12:30 UTC.

Having soared to a high of $24.8 approximately 2 months ago, the hydrocarbon exploration enabler is now trading 26.53% lower.