SLB ends the day indecisive
Schlumberger N.V. (SLB) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SLB ended Wednesday at 19.50 gaining $0.27 (1.4%) on low volume, outperforming the S&P 500 (0.64%). Trading $0.29 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on July 20th, SLB actually gained 6.07% on the following trading day. 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 Aug 05, 2020):
Wednesday's trading range has been $0.58 (2.95%), that's below the last trading month's daily average range of $0.77. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SLB.
Prices are trading close to the key technical support level at 19.27 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Schlumberger N. V.. Out of 129 times, SLB closed lower 54.26% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.26% with an average market move of -1.15%.