A quick look at yesterday: bullish sentiment helped NOV Inc. to hammer out a noteworthy $21.3 to $22.85 range yesterday, and finally closing at $22.82 to end the session.
United States Non Farm Payrolls data will be released today at 12:30 UTC, with an expected decline to 200,000.
NOV's uptick comes amid good United States macroeconomic data released during the day — highly important Initial Jobless Claims data from United States beat analyst expectations of 220,000 with a reading of 217,000.
Meanwhile, United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5. United States Factory Orders matched projections, with new data release of 0.3%.
National Oilwell Varco Inc made an initial breakout above its 10 day Simple Moving Average at $21.94, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $22.62 by around 20 cents with prices hammering out a $21.3 – $22.85 session range. On the other hand, note that although NOV is appreciating today after rising as high as $22.85, price action is now slowing and consolidating around 53 cents below the $23.35 resistance level.
Overall, looking at the technical analysis landscape, it seems NOV might continue pointing upwards in the short term.
This rally in NOV's share price coincided with other energy stocks as Exxon Mobil was up 1.36%. Chevron gained 1.47%, as it traded at $181.13. BP was up 0.85%.
Furthermore, the market is looking at United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 263,000, data will be available today at 12:30 UTC. United States Unemployment Rate projected to decline to 3.6 while previous data was 3.5; data will be released today at 12:30 UTC.
The stock has been trending positively for about a month. NOV Inc. reached a significant high of $22.82 around a day ago but has lost 4.29% since then.