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Schlumberger NV - (SLB) - July 13, 2023

Oilfield service provider Schlumberger (SLB) has soared back up the rankings this month, exiting the red zone and returning to the Green Favored Zone for the first time since March. After climbing another 13 spots yesterday and rising 230 positions in the last month, SLB finished yesterday in 108th place. Last month, a downswing in Schlumberger (SLB) shares bottomed out near $43.00, a former breakout point. Since then, accumulation has kicked back in and the shares have resumed their primary upward trend, snapping a downtrend line and retaking $53.00 to close at the highest level since March.

Initial upside resistance may appear at previous highs near $58.00, then $62.50, followed by $63.00 and $68.00 which are based on measured moves. Initial support appears near the $50.00 round number.

For over two years, Schlumberger (SLB) has been under accumulation, advancing in a Rising Channel of higher highs and higher lows. A spring pullback bottomed out last month near $42.50 and this month, the shares have launched into a new upswing, completing bullish Double Top and Spread Double Top breakouts that have extended into a High Pole.

Currently SLB is approaching its February peak near $58.00. A close above that level at a new high would confirm the start of a new upleg with next potential resistance possible near $61.55 then $69.30 based on horizontal and vertical counts, then the $75.00 round number. Initial support appears near $51.50 based on a 3-box reversal, then the $50.00 round number.

With its bullish SMAX score increasing to 9, SLB has been exhibiting strength against the asset classes.

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