SLB pushes through prior session high

Schlumberger Ltd. (SLB) Technical Analysis Report for Apr 16, 2018

Highlights

SLB finds buyers around 67.43 for the third day in a row
SLB closes above its opening price after recovering from early selling pressure
SLB finds support at 100-day moving average
SLB closes higher for the 5th day in a row
SLB ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 62% Bullish
Technical Forecast:

Overview

Moving higher for the 5th day in a row, SLB finished Monday at 68.52 gaining $0.57 (0.84%) on high volume. Today's closing price of 68.52 marks the highest close since March 9th. Trading up to $0.85 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 68.10, the stock confirms its breakout through the previous session's high having traded $0.64 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for SLB

Volatility

Monday's trading range was $1.31 (1.92%), that's below last trading month's daily average range of $1.76. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to the key resistance level at 69.05. The market found buyers again today around 67.43 for the third trading day in a row after having found demand at 67.31 in the prior session and at 67.21 two days ago. After trading as low as 67.43 during the day, SLB found support at the 100-day moving average at 67.48.

Trend

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Further buying could move prices higher should the market test March's close-by high at 69.21.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a very bullish sentiment.

Market Conditions for Schlumberger Ltd.

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