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June 09, 2023Stable at $15.83 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — a quiet day for NOV as it remained range-bound within a $15.62 – $16.04 range before closing at $15.83.
Uncertainty around NOV Inc. is reflected by published market data as United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 261,000, falling short of the 235,000 projections and continuing its decline from the previous 233,000 figure. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.31 trillion, while the previous figure was 3.21 trillion.
Analysis of NOV's recent price action suggests after reaching the $15.62 support zone, National Oilwell Varco Inc bounced and climbed 21 cents above it. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, NOV's upper Bollinger Band® is at $16.16, suggesting that a downward move may follow.
Notwithstanding NOV Inc.'s appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances were seen by other energy stocks as Exxon Mobil withdraws 0.31% yesterday to close at $108.53. Chevron decreases 0.37% yesterday to close at $159.83.
NOV hit a significant low of $14.07 around 9 days ago, but has since recovered 12.58%.
