NOV Inc. currently down 0.32% halfway through today

The hydrocarbon exploration enabler slides down from $18.68 to $18.62, losing 6 cents (0.32%).

Meanwhile, United States Building Permits (Mar) released today at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. Following a previous reading of 7.3%, Housing Starts in United States released today at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of -0.8%. United States Building Permits came out at -8.8%, while a consensus of analysts was expecting -6%.

National Oilwell Varco Inc made an initial break below its 10 day Simple Moving Average at $18.56, a possible indication of a forthcoming negative trend. NOV's upper Bollinger Band® is at $19.25 which indicates a further downward move may follow. On the other hand, note that NOV Inc. could begin to recover as it approaches significant support, now 15 cents away from $18.47. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts NOV Inc. to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the Houston-based oil & gas exploration enabler is expected to attract significant bearish sentiment in the coming days.

Positive performances can be seen by looking at other energy stocks as Exxon Mobil is trading at $116.18 after ending yesterday's session at $114.7 (up 1.29%). Chevron gained 0.7%, currently at $172.11. BP is trading at $40.66 after ending yesterday's session at $40.43 (up 0.56%).

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -2.46 million from the preceding figure of 597,000.

The Houston-based oil & gas exploration enabler has fallen back around 24.68% from the significant high of $24.8 set 2 months ago.