Is Schlumberger Done Slumbering?
Schlumberger surged early last month. Now, after a period of consolidation, it may be ready to continue upward.
The first pattern on today’s chart is the high-volume rally July 7-11. (This was part of a broad move across the energy sector as crude oil came off its lows.) SLB broke its early-March peak around $56, followed by successful retests under that level on July 21 and August 23. Old resistance could have morphed into new support.
Second, notice how the more recent probe resulted in a bullish outside day. That may suggest the presence of lurking buyers.
Third, the 50-day simple moving average (SMA) recently had a “golden cross” above the 200-day SMA. The shorter-term 8-day exponential moving average (EMA) is also above the 21-day EMA.
Finally, the oil-service stock ended last week bouncing slightly above $56. It then proceeded to challenge a short-term falling trendline that’s taken shape since July 11. Is a breakout starting?
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The first pattern on today’s chart is the high-volume rally July 7-11. (This was part of a broad move across the energy sector as crude oil came off its lows.) SLB broke its early-March peak around $56, followed by successful retests under that level on July 21 and August 23. Old resistance could have morphed into new support.
Second, notice how the more recent probe resulted in a bullish outside day. That may suggest the presence of lurking buyers.
Third, the 50-day simple moving average (SMA) recently had a “golden cross” above the 200-day SMA. The shorter-term 8-day exponential moving average (EMA) is also above the 21-day EMA.
Finally, the oil-service stock ended last week bouncing slightly above $56. It then proceeded to challenge a short-term falling trendline that’s taken shape since July 11. Is a breakout starting?
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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