SLB finds buyers at key support level


Schlumberger Ltd. (SLB) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
SLB closes above its opening price after recovering from early selling pressure
SLB finds buyers at key support level
SLB ends the day on a bullish note closing near the high of the day
SLB closes within previous day's range
TQ Sentiment
Report Sentiment: 60% Bullish
Technical Forecast:
Overview

SLB finished the week 0.23% higher at 66.04 after gaining $0.64 (0.98%) today. Trading up to $0.48 lower after the open, Schlumberger Ltd. managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for SLB
Volatility

Friday's trading range was $1.22 (1.87%), that's slightly above last trading month's daily average range of $1.13. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 64.88 during the day, the stock bounced off the key support level at 64.90. The failure to close below the support might increase that levels importance as support going forward.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 66.67 where further buy stops might get triggered. Trading close to June's low at 64.51 we could see further downside momentum if potential sell stops at the level get activated.

Conclusion

While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Schlumberger Ltd.
Condition Forecast Direction Win Avg Worst Best Events
Close near low of period TQ Pro Members Only
Homing Pigeon TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Latest Report:

SLB ends the day indecisive

Aug 16, 2018
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Schlumberger Ltd. traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup
Stocks Top Movers
ETHUSD 285.726.43 2.30%
INDU 25,558.73396.32 1.58%
CRUDE 65.450.55 0.85%
CAC 5,349.0243.80 0.83%
SPX 2,840.6922.32 0.79%
DXY 96.535-0.045 -0.05%
GOLD 1,181.0-0.8 -0.07%
NATGAS 2.911-0.028 -0.95%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV98.22 0.77
0.79%
ACN 10 day candlestick chart for ACN162.89 2.48
1.55%
ADBE 10 day candlestick chart for ADBE248.89 -1.63
-0.65%
AAP 10 day candlestick chart for AAP159.49 1.46
0.92%
AES 10 day candlestick chart for AES13.87 0.38
2.82%
AET 10 day candlestick chart for AET198.47 1.18
0.60%
AFL 10 day candlestick chart for AFL46.50 0.21
0.45%
AMG 10 day candlestick chart for AMG146.29 0.86
0.59%
A 10 day candlestick chart for A65.50 0.77
1.19%
ABT 10 day candlestick chart for ABT64.16 0.69
1.09%