NOV is showing signs of life, up to $15.56 (1.37%)

A 9 day downtrend is ongoing for NOV Inc.. A possible reversal detected from today; NOV recovered from the previous trading session's losses and went up to $15.56 today after it traded lower at $15.48.

NOV Inc.'s uptick comes amid good United States macroeconomic data released during the day — United States Average Hourly Earnings beat analyst expectations of 0.3% and the previous reading of 0.3% with new data of 0.5%. Data for United States Non Farm Payrolls published today at 12:30 UTC came out at 253,000, beating projections of 180,000 and showing improvement over the preceding figure of 165,000. Data for United States Unemployment Rate published today at 12:30 UTC came out at 3.4, beating projections of 3.6 and showing improvement over the preceding figure of 3.5.

Today's price action generated a Japanese candlestick pattern showing when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates NOV is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that NOV's lower Bollinger Band® is at $15.06, indicating that the market is oversold and fertile for new buyers. A study of NOV's historical price actions shows NOV could be slowing down soon as it approaches resistance at $15.94. Of course, crossing it might suggest further gains are ahead.

All in all, the technical analysis suggests NOV has no clear-cut direction.

This rally in NOV's share price coincided with other energy stocks as Exxon Mobil traded at $108.68 after closing today's trading day at $106.04 (up 2.49%). Chevron was up 2.55%.

Trending downwards for around a month. 3 months ago the hydrocarbon exploration enabler reached a significant high of $24.8 but has consequently lost 38.1% since then.