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Archive - 3/15/2024 - Sign In to see current Signals. |
Schlumberger Ltd. (SLB) Technical Analysis
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| Summary:
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| | It was a fifth consecutive positive week for the Schlumberger Ltd. (SLB). During the week, the SLB gained 2.47 points, or 4.90%, and closed at 52.87 on Friday, March 15, 2024. It was the best weekly gain since January 26, 2024. Weekly volume was -8% below average. SLB is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry. Long-term trend: [See SLB long-term trend chart] A long-term uptrend had started on March 19, 2020 at 11.87 and reached 62.78 on January 24, 2023. SLB gained -50.91 points, or -428.90%, in 148 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 50.36 and resistance is at 61.59. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend. Medium-term trend: [See SLB medium-term trend chart] A medium-term downtrend had started on September 12, 2023 at 62.12 and reached 46.91 on February 9, 2024. SLB lost 15.21 points, or 24.48%, in 21 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (46.15) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. SLB may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend. Weekly Technical Indicators: [See SLB weekly technical indicators chart] Weekly technical indicators are neutral. The weekly MACD line is below its signal line since October 20, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help. Short-term trend: [See SLB short-term trend chart] A short-term uptrend had started on February 28, 2024 at 47.95 and reached 53.92 on March 15, 2024. SLB gained -5.97 points, or -12.45%, in 16 days. The price is now at the 17.59% retracement level. Daily Technical Indicators: [See SLB daily technical indicators chart] Daily Relative Strength Index and Williams' Percentage Range are overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Williams' Percentage Range or strongly overbought daily Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help. The daily MACD line is above its signal line since February 15, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong. During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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