After closing the previous trading day at $21.3, NOV is up to $21.91, which makes for a move of 2.86%/61 cents today.
United States Crude Oil Inventories data will be released today at 16:00 UTC, with an expected decline to 2 million.
NOV's uptick comes amid good United States macroeconomic data released during the day — data for United States Initial Jobless Claims published today at 13:30 UTC came out at 192,000, beating projections of 200,000 and showing improvement over the preceding figure of 195,000.
NOV Inc.'s uptick comes amid disappointing United States macroeconomic data released during the session – GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2.
At the same time, United States GDP Price Index (QoQ) (Q4) released today at 13:30 UTC with a figure of 3.9, while the previous figure was 4.4.
Technical analysis trend indicators suggest 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. Asset volatility analysis shows that NOV Inc.'s lower Bollinger Band® is at $21.3, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests NOV is likely to remain muted for the immediate future, with no clear-cut direction.
Rallies can also be seen in other energy stocks, BP gained 1.75%, currently at $39.61. Exxon Mobil is trading at $111.26 after ending yesterday's session at $109.73 (up 1.39%). Chevron added 1.24% to its value, now trading at $162.34.
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with 2 million while previous data was 16.28 million; data will be released today at 16:00 UTC.
Elsewhere, United States Core PCE Price Index (MoM) (Jan) is expected tomorrow at 13:30 UTC. United States New Home Sales (Jan) will be released tomorrow at 15:00 UTC.
Over the past 28 days, the hydrocarbon exploration enabler has retreated 14.11% from a noteworthy peak of $24.8.