Schlumberger Ltd. - (SLB) - March 9, 2021 

Since we last mentioned oilfield service provider Schlumberger (SLB) in the November 21st issue of the Daily Stock Report, the shares have gained 37.5%. Their positioning within the SIA S&P 100 Index Report has remained in a sideways to upward trend, recently rising toward the top of the Green Favored Zone. Yesterday the shares finished in 8th place, up 3 spots on the day and up 25 spots in the last month. Last fall, shares staged a breakaway gap up through their 50-day moving average and haven’t looked back, establishing an uptrend of higher lows and consistently trading above their 50-day average. Last month, the shares snapped a long-term downtrend line, confirming the start of a new uptrend.

Currently, the shares are challenging the $30.00 round number which coincides with a support/resistance level dating back to 2018. A breakout here would confirm that the shares recovery trend remains intact. Next potential upside resistance on trend after that appears near $33.50 based on a measured move from a previous trading range, then the $40.00 round number. Initial support appears near $27.50 then $25.00 where a round number and the 50-day moving average converge.

Earlier this year, Schlumberger (SLB) shares broke out of a base clearing $23.40 to complete a bullish Spread Triple Bottom breakout. Since then, the shares have remained under accumulation and a new uptrend has clearly emerged with the shares snapping a downtrend line last month clearing resistance at an old support level near $29.65 yesterday.

Next potential upside resistance appears in the $31.50 to $32.15 area where a horizontal count and previous column lows converge, followed by the $36.90 to $38.40 area where multiple vertical/horizontal counts and a previous column low cluster. Initial support appears near $27.40 based on a 3-box reversal.

With a perfect SMAX score of 10, SLB is exhibiting near-term strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.