SLB stuck within tight trading range
Schlumberger Ltd. (SLB) Technical Analysis Report for Sep 14, 2018
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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