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June 15, 2023
Yesterday at a glance: having closed Tuesday at $15.15, bullish sentiment helped NOV Inc. to reach highs around $15.54 before paring gains and ending yesterday at $15.43.
United States Initial Jobless Claims is next today at 12:30 UTC.
NOV Inc.'s uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories improved upon its previous reading of -451,000 with a new data release of 7.92 million.
NOV's uptick comes amid disappointing United States macroeconomic data released during the session – United States Producer Price Index fell short of the -0.1% projections, with new data of -0.3%.
At the same time, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.
Despite posting gains on yesterday, National Oilwell Varco Inc slid below its 10 day Simple Moving Average at $15.33 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $16.13, thereby suggesting that NOV Inc. is becoming overvalued. NOV is 15 cents away from testing key resistance at $15.58. Peaking above this level could inspire market bulls and open the path to further gains. On the other hand, note that 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
NOV Inc. is likely to reverse course and start pointing downward in the short term.
While NOV was bullish yesterday, the following energy stocks underperformed: Exxon Mobil lost 1.2% yesterday and closed at $105.16. Chevron lost 0.9% yesterday and closed at $157.09.
Furthermore, the market is looking at United States Retail Sales projected to come out at -0.1% — worse than previous data of 0.4%; data will be released today at 12:30 UTC. United States Core Retail Sales expected to decline to 0.1% while its preceding data was 0.4%, data will be available today at 12:30 UTC.
The market is looking forward to the release of new data: United States Philadelphia Fed Manufacturing Index (Jun) scheduled to come out today at 12:30 UTC.
NOV hit a significant low of $14.07 around 15 days ago, but has since recovered 7.68%.
