After ending yesterday at $22.46, NOV Inc. ascended as high as $23.09 before meeting resistance. Undeterred, NOV Inc. posted a fresh rally late in the trading session targeting $22.55.
- NOV Inc. is currently trading at $22.55 following the release of ISM Manufacturing PMI (Nov) data from the United States.
- NOV Inc. has gained 68 cents over the past 3 days, and today's session seems to be adding to the current uptrend.
United States ISM Manufacturing PMI (Nov) released today at 15:00 UTC with a figure of 49, while the previous figure was 50.2. United States Core PCE Price Index (MoM) (Oct) came out at 0.2, while a consensus of analysts was expecting 0.3.
With regards to technical trend indicators, chart analysis show that despite posting gains so far today, National Oilwell Varco Inc slid below its 21 day Simple Moving Average at $22.81 in earlier trade — an early indicator that a negative trend could be emerging. According to asset volatility analysis, NOV Inc.'s lower Bollinger Band® is at $21.72, indicating that the market is oversold and fertile for new buyers. As the day gets underway, chart analysis suggests NOV Inc. could be slowing down soon; it is getting close to the resistance line and is now at $23.56, only $1 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Notwithstanding NOV Inc.'s appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 261,000. United States Unemployment Rate figure is projected at 3.7. It previously stood at 3.7; data will be released tomorrow at 13:30 UTC.
Chevron is down to $182.39, losing 0.5%, after ending yesterday at $183.31. BP is trading at $36.04 after ending yesterday's session at $35.9 (up 0.38%).
Approximately 24 days ago, the hydrocarbon exploration enabler reached a significant high of $23.94 but has struggled to hold onto its gains and declined 6.18% since then.