The Greedy Trader Weekly Analysis
Sign In Mar 28, 2024
Skip Navigation Links
TA Search
Yearly Pattern:Ascending Triangle
Number of records: 5
Share
Symbol:  

• Symbol Lookup
• View Technical Chart
• Add to Watch List
• Candlestick Patterns
• Stock Technical Indicators
• Stock Trends Analysis
• Market Sector Rank
• Stock Trading Signals

Chart Analysis and Chart Pattern Recognition – Ascending Triangle Pattern

The ascending triangle pattern is a variation of symmetrical triangle formation that has a flat resistance line and a rising support line. The higher lows indicate the increasing demand and give the ascending triangle definitive bullish bias. The ascending triangle usually represents an accumulation stage in bullish market. The ascending triangle is considered as a continuation pattern, especially in an uptrend, but it may also mark a reversal in a downtrend. Volume usually increases on a breakout move. After breakout (similar to rectangle), resistance may turn into potential support and vice versa.
Ascending Triangle Screening page presents a list of stocks forming an Ascending Triangle Pattern.
Tips:
# 1As a continuation pattern, an ascending triangle usually appears within a young trend, characterized by neutral long-term indicators and overbought short-term indicators. An ascending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, an ascending triangle appears in a mature downtrend, characterized by oversold short-term and long-term indicators. This situation usually generates bullish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance line.

Advanced TA Search

Archive
- 3/22/2024 -
Sign In to see current Signals.

Schlumberger Ltd. (SLB) Technical Analysis

Subscribe to TheGreedyTrader Weekly Alerts
Summary:
Weekly :Overbought sectorWeekly  MACD line has moved above its signal lineBroken trend resistance line
Daily :Relative Strength Index and Lane's Stochastic are overboughtWilliams' Percentage Range is strongly overboughtA Parabolic SAR indicator is above and near the price
Move cursor over the icon to see details.

It was a sixth consecutive positive week for the Schlumberger Ltd. (SLB). During the week, the SLB gained 1.12 points, or 2.12%, and closed at 53.99 on Friday, March 22, 2024. Weekly volume was -27% 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 50.55 and resistance is at 61.57. 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 (46.01) 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.

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. 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 55.08 on March 22, 2024. SLB gained -7.13 points, or -14.87%, in 23 days. The price is now at the 15.29% retracement level.

Daily Technical Indicators: [See SLB daily technical indicators chart]
Daily Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Lane's Stochastic or strongly overbought daily Williams' Percentage Range. 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.

A Parabolic SAR (stop and reversal) indicator (53.53) comes close to the price (53.99). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 82.14
Overbought
Williams' Percentage Range (W%R) 5.50
Strong Overbought
Lane's Stochastic (%D-Slow) 89.69
Overbought
Greed/Fear Indicator (GFI) 88.79
Overbought
Moving Average Converg./Diverg. (MACD) 0.98
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.42
Williams' Percentage Range (W%R) 28.20
Lane's Stochastic (%D-Slow) 55.01
Greed/Fear Indicator (GFI) 59.07
Moving Average Converg./Diverg. (MACD) -1.10
Trading Signals
Description Value Chart
Yearly Trendline Resistance 61.57
Upper Bollinger Band 56.27
Daily Stochastic Crossing 54.77
Price 53.99
Parabolic System 53.53
Monthly Trendline Resistance 52.54
Weekly Stochastic Crossing 51.99
20 Day Moving Average 51.28
Yearly Trendline Support 50.55
50 Day Moving Average 50.03
Monthly Trendline Support 49.46
Quarterly Trendline Resistance 49.04
Lower Bollinger Band 47.50
Quarterly Trendline Support 46.01
Sector and Industry
Description Name Rank
Sector Energy 10
Industry Oil & Gas Equipment & Services 41
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 47.95
Low Date 02/28/2024
High 55.08
High Date 03/22/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 47.95
Low Date 02/28/2024
High 55.08
High Date 03/22/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 52.54
Support 49.46
Low 46.91
Low Date 02/09/2024
High 55.08
High Date 03/22/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 49.04
Support 46.01
High 62.12
High Date 09/12/2023
Low 46.91
Low Date 02/09/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Valid
Resistance 61.57
Support 50.55
Low 11.87
Low Date 03/19/2020
High 62.78
High Date 01/24/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.