NOV Inc. is showing signs of life, up to $16.75 (1.15%)

While in the midst of a 5 day downtrend, losing a total of 10.9% ($2.24), A possible change of direction spotted from Friday; after closing at $16.56 on Thursday, NOV maintained a strong bullish bias that helped the stock close higher at $16.75 Friday. However, market bears ensured the the hydrocarbon exploration enabler topped out at $17.12 and that by the end of the session, the market had marked out a distinct $16.42 to $17.12 range.

Technical chart analysis shows after reaching the known resistance zone beginning at $17.11, National Oilwell Varco Inc price action retreated approximately 36 cents. Trend-following investors would be interested to note 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. Analysis based on the asset volatility indicates that NOV Inc.'s lower Bollinger Band® is at $16.83, indicating that the market is oversold and fertile for new buyers.

All in all, the technical analysis suggests NOV has no clear-cut direction.

This rally in NOV's share price coincided with other energy stocks as BP gained 2.39%, as it traded at $40.28. Exxon Mobil was up 1.29%.

Furthermore, the market is looking at United States ISM Manufacturing PMI (Apr) will be released tomorrow at 14:00 UTC.

The Houston-based oil & gas exploration enabler has fallen back around 33.23% from the significant high of $24.8 set 3 months ago.