SLB pushes through Monday's high
Schlumberger N.V. (SLB) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SLB ended the month -0.43% lower at 18.39 after gaining $0.38 (2.11%) today, outperforming the S&P 500 (1.54%). Closing above Monday's high at 18.29, the share confirmed its breakout through the previous session high after trading up to $0.22 above it intraday.
Daily Candlestick Chart (SLB as at Jun 30, 2020):
Tuesday's trading range has been $0.92 (5.17%), that's below the last trading month's daily average range of $1.13. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SLB.
One bullish candlestick pattern matches today's price action, the White Candle.
Schlumberger N. V. managed to close back above the 50-day moving average at 18.13. When this moving average was crossed above the last time on June 25th, SLB actually lost -5.32% on the following trading day. After having been unable to move lower than 17.46 in the prior session, the market found buyers again around the same price level today at 17.59.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might accelerate should prices move below the nearby swing low at 17.30 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Schlumberger N. V.. Out of 707 times, SLB closed higher 50.35% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after four trading days, showing a win rate of 52.90% with an average market move of 0.16%.