Yesterday at a glance: the Houston-based oil & gas exploration enabler went up to $22.95, gaining 3.05%.
United States Building Permits is next today at 13:00 UTC.
At the same time, United States API Weekly Crude Oil Stock came out at -4.8 million, while a consensus of analysts was expecting -2.2 million. United States 7-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.89, while the previous figure was 4.027.
National Oilwell Varco Inc made an initial breakout above its 21 day Simple Moving Average at $22.78, a potential indicator of a newly emerging bullish phase. In contrast, NOV could be slowing down soon as it approaches resistance at $23.14. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems NOV Inc. might continue pointing upwards in the short term.
This rally in NOV's share price coincided with other energy stocks as BP was up 5.31%. Exxon Mobil added 2.89% to its value, and traded at $114.18. Chevron gained 2.57%, as it traded at $185.89.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released today at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1 million. It previously stood at -5.4 million; data will be released today at 15:30 UTC.
The market is looking forward to the release of new data: United States New Home Sales (Oct) is scheduled for today at 15:00 UTC.
The stock has been trending positively for about a month. The Houston-based oil & gas exploration enabler reached a significant high of $23.94 around 16 days ago but has lost 7% since then.