SLB stuck within tight trading range


Schlumberger N.V. (SLB) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team

Highlights

SLB closes higher for the 5th day in a row
SLB rises to highest close since September 4th
SLB stuck within tight trading range
SLB closes within previous day's range after lackluster session
SLB ends the day indecisive

Overview

Moving higher for the 5th day in a row, SLB finished the week 2.56% higher at 61.23 after edging higher $0.21 (0.34%) today. Today's closing price of 61.23 marks the highest close since September 4th. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (SLB as at Sep 14, 2018):

Daily technical analysis candlestick chart for Schlumberger N.V. (SLB) as at Sep 14, 2018

Friday's trading range was $0.80 (1.31%), that's below last trading month's daily average range of $0.99. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 60.43 and 61.60 which it has been in now for the last three days.

Prices are trading close to the key resistance level at 61.82.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying might accelerate should prices move above the close-by swing high at 61.60 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 60.43 where further sell stops could get triggered.


Market Conditions for SLB as at Sep 14, 2018

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