While NOV was in the midst of a 3 day downtrend— in which it lost a total of 3.79%— A possible change of direction spotted from yesterday; after ending Friday at $17.88, NOV Inc. went up to $18.6 only to drop back, yet still traded well overall and closed at $18.03 yesterday.
At the same time, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
Although National Oilwell Varco Inc is appreciating today after rising as high as $18.6, price action is now slowing and consolidating around 82 cents below the $18.85 resistance level. Despite posting gains on yesterday, NOV Inc. slid below its 10 day Simple Moving Average at $18.1 during the last session — an early indicator that a negative trend could be emerging.
NOV is likely to reverse course and start pointing downward in the short term.
A look at other energy stocks also showed bullish price action as Exxon Mobil traded at $100.62 after closing yesterday's trading day at $99.19 (up 1.44%). Chevron added 0.73% to its value, and traded at $161.31.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to 1.55 million while its preceding data was 9.88 million, data will be available tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Building Permits (Sep) will be released tomorrow at 12:30 UTC.
The past 3 months have been positive for NOV as it added 24% compared to its 3-month low of $11.73.