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Shares of Schlumberger (SLB) - Get Schlumberger NV Report  weren't exactly shooting the lights out Friday, up just 1.9% to $32.50 after reporting its quarterly results.

However, the stock was rising and that's giving investors hope that the stock may have finally bottomed. Schlumberger has been on a brutal decline, falling 9.9% in 2019 and more than 45% over the past 12 months.

Even with Friday's modest post-earnings pop, you can see why investors may be thinking more optimistically about the stock now. While the charts aren't pretty, there are signs that Schlumberger stock may have finally bottomed.

If it can maintain above the $30.50 mark, the losses may finally stop. While SLB stock has a long road ahead of it, this is step one in ending the pain. Let's examine the must-hold level on the charts, and where Schlumberger may have trouble on the upside.

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Trading Schlumberger Stock

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Immediately when looking at the chart, there is good news and bad news with Schlumberger stock.

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The stock has dropped to the $30.50 several times over the past few months, and each time it has, this level has held as support. That becomes the must-hold level for Schlumberger stock. A close below this area means it has not yet bottomed.

On the flip side, SLB stock has a potentially potent level of resistance just overhead, between $33.50 and $34. Investors can see the way shares are recoiling from Friday's high as it approached this area.

This area was prior range support before Schlumberger fell below it in August. The 50-day also sits in between this area, at $33.71.

One of these two levels -- either $30.50 support or overhead resistance -- needs to break in order for Schlumberger stock to make a larger move. That's a relatively tight range for a stock like this.

Keep in mind, after SLB stock bottomed at support in August, it rallied about $10 to $40.25, a monstrous move in just a few weeks.

Aggressive bulls can consider a position near current levels, with a stop-loss set just below the current 52-week low. Those who want more conviction can consider buying on a breakout over $34, while those who want a lower potential entry price can try buying a pullback down toward $30.50.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.