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February 28, 2023
The hydrocarbon exploration enabler is sliding down from $22.14 to $21.93, taking a 0.97% loss as it nears the end of the session.
United States's Consumer Confidence new data released of 102.9 below its previous figure.
Following a previous reading of 106, Consumer Confidence in United States released today at 15:00 UTC fell short of the 108.5 figure expected by analysts with an actual reading of 102.9.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – data for United States Pending Home Sales published yesterday at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%.
As the trading day comes to an end, chart analysis indicates National Oilwell Varco Inc could begin to recover as it approaches significant support, now 28 cents away from $21.64. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that NOV Inc. made an initial break below its 50 day Simple Moving Average at $22.15, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $22.15, market bears have earmarked $21.71 as the next downside target. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $20.96, a low enough level to, generally, suggest that NOV is trading below its fair value.
Notwithstanding NOV's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other energy stocks as BP is down 1.36% from the beginning of the session and now trades around $39.67. Chevron is trading around $160.82 (down 1.23%). Exxon Mobil is down 0.43% from the beginning of the session and now trades around $110.08.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million.
Furthermore, United States ISM Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
On a negative trend for around a month. Having set a significant high of $24.8 a month ago, the Houston-based oil & gas exploration enabler is trading 10.73% lower.
