SLB finds buyers at key support level
Schlumberger Ltd. (SLB) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (SLB as at Aug 10, 2018):
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.
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.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
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.