Oilfield service giant Schlumberger (SLB) continues it steady march back up the rankings within the Green Favored Zone of the SIA S&P 500 Index Report. On Friday it finished in 17th place up 3 spots on the day and up 44 positions in the last month.
Schlumberger (SLB) appears to have embarked on a new upleg within a recovery trend that has been underway since late 2020. Having completed approximately a 50% retracement of their 2018-2020 decline from near $70 towards $10 before finally bottoming out, SLB had spent much of this year so far hanging around $40 and consolidating previous gains.
In the last two weeks, the shares have launched up off of $40 to their highest levels since 2019 on increasing volumes, a sign of renewed accumulation. Next potential resistance appears near the boundaries of a previous $52.50 to $60.00 trading range. Initial support appears near $43.50 a recent breakout point.
A major breakout is underway in Schlumberger (SLB) shares. After spending most of the spring consolidating a winter rally, the shares have broken out of a sideways channel to new highs recently, with a series of bullish Double Top, Spread Double Top and Spread Triple Top patterns plus the formation of a bullish High Pole combining to signal the start of a new advance.
Horizontal and vertical counts suggest potential upside resistance tests near $54.85 and then $59.35. Initial support appears near $44.10 based on a 3-box reversal.
With a bullish SMAX score of 9, SLB is exhibiting strength against the asset classes.
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