Friday NOV Inc. increased by 0.5%, ended the session at $16.04

Friday at a glance: the hydrocarbon exploration enabler closed Thursday at $15.96. Friday, it gained 0.5% and remained around $16.04.

Chart analysis indicates National Oilwell Varco Inc is 31 cents away from testing key resistance at $16.35. Peaking above this level could inspire market bulls and open the path to further gains. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that NOV Inc.'s upper Bollinger Band® is at $16.14, this is a slight indication of a slowdown.

Overall, while NOV has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

This rally in NOV's share price coincided with other energy stocks as BP was up 0.92%. Chevron added 0.71% to its value, and traded at $157.35. Exxon Mobil gained 0.52%, as it traded at $107.25.

Furthermore, the market is looking at United States ISM Manufacturing PMI (Jun) scheduled to come out tomorrow at 14:00 UTC.

The stock has been trending positively for about 30 days. NOV hit a significant low of $14.07 around a month ago, but has since recovered 13.43%.