Friday at a glance: the hydrocarbon exploration enabler dropped 2.22% early on and traded close to the $19.85 level.
Concerning technical analysis and more specifically, trend indicators, 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. Analysis based on the asset volatility indicates that NOV Inc.'s lower Bollinger Band® is at $18.97, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis shows that although NOV is pointing down today (was as low as $19.42), it's climbing away from the $19.56 support line and is now 29 cents above it.
All in all, the technical analysis suggests NOV Inc. has no clear-cut direction.
NOV Inc. was not the only decliner in the energy sector; BP went down 1.75%, closed at $34.28. Chevron closed at $168.72 (down 1.36%). Exxon Mobil descends 0.7% Friday to close at $105.44.
Furthermore, United States Building Permits (Nov) is expected tomorrow at 13:30 UTC.
Pointing downwards for around a month. The Houston-based oil & gas exploration enabler reached a significant high of $23.94 around a month ago but has lost 15.2% since then.