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March 12, 2023
Friday at a glance: an influx of sellers pushed the hydrocarbon exploration enabler to end the session lower around $20.2, while establishing a $20.08 to $21.34 session range Friday.
Technical chart analysis shows National Oilwell Varco Inc could begin to recover as it approaches significant support, now 46 cents away from $19.74. Dipping below could be an indication that further losses are ahead. 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. Price action remains constrained around the key Fibonacci level of $20.73 currently serving as support. If price action breaks below, the next Fib hurdle is $19.85. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $20.17, a low enough level to, generally, suggest that NOV is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates NOV will remain range-bound for the immediate future.
NOV Inc. was not the only decliner in the energy sector; Exxon Mobil closed at $107.78 (down 1.24%). BP closed at $39 (down 0.84%). Chevron went down to $159.67, losing 0.52% after it closed at $160.51 Friday.
The hydrocarbon exploration enabler is now trading 15.08% below the significant high of $24.8 it set around a month ago.
