SLB Meets Levels Outlined For Upside Reversal
by Mike Paulenoff
March 24, 2024 • 10:34 AM EDT
During the afternoon session of February 15, this is what Mike Paulenoff posted to the MPTrader Discussion Room about the technical setup in the oil service company SLB (Schlumberger):
"This name in the oil service sector exhibits a well-demarcated 4-year bullish channel with the SLB price structure upturning off of the lower boundary line in the vicinity of 47.00 (the 2/13/24 low) amid a glaring double non-confirmation of the weakness into the lower channel line. Although my work argues that SLB is in a U-Turn to the upside, an initial climb and close above 49.50 is needed to improve technical confidence, and a close above the 200 DMA, now 50.21 will confirm the turn. Last is 48.76..."
One week after the update, SLB climbed above 49.50, improving Mike's technical confidence in a significant upside price reversal, and has since rallied to last Friday's high of 55.08, a full 13% above Mike's initial heads up.
What's next for the direction of SLB? Will the stock attract buyers into next week's runway into the end of Q1, 2024? How will the price of Crude Oil play into the near and intermediate-term prospects for SLB?
Login this week to join Mike and MPTrader members to find out, and for their timely, opportunistic intraday discussions about SLB as well as many individual equity names, macro indices, sector ETFs, commodities, currencies, and Bitcoin.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On April 5, Mike Paulenoff discussed the following with MPTrader members about the significant negative behavior of the equity indices in general and the SPY (SP 500 Equity Index ETF), writing:"... Yesterday's nosedive in the price action left behind a Bearish Engulfing Candle in SPY, SPX, ES, et al... My attached Big Picture Chart of SPY shows the powerful, relentless Oct-Apr. advance from 409.21 to 526.
On March 13, amid a broad discussion about the emerging bull phase developing in the precious metals and miners, Mike Paulenoff posted this about WPM (Wheaton Precious Metals) to our MPTrader discussion room:From a more Silver-Gold perspective (if FCX is perceived to be Copper-centric), let's notice that WPM strength is pushing up against its near-term resistance line in the vicinity of 45.
Right after the opening bell on the morning of October 20, 2023, Mike Paulenoff posted the following GLD (SPDR Gold Trust) commentary to our MPTrader Discussion Room:"For all of the long-suffering Gold Bugs... As we speak, GLD is attempting to take out key 5-month resistance lodged between 181.20 and 184.40, which if successful and sustained, will point GLD to 188-190 next... Last is 183.88...
On December 26, 2023, fellow MPTrader member FJB asked me the following question: Mike - do you feel comfortable giving some of your top sectors for next year if you have any? This was my response:In order of preference based on my technical setup work:1- XLV (Healthcare)2- XLB (Materials)3- XLE (Energy)4- XLI (Industrials)5- XLF (Financials)As of the close this past Friday, 3/15/24, YTD results showed XLV +6.58%, XLB +6.15%, XLI +7.06%, XLF +8.54%, and XLE (Energy) leading all sectors, at +9.27%.
On February 23, Mike Paulenoff posted the following timely commentary about the bond market to MPTrader members:"Benchmark 10-year YIELD and TLT (20+ Year T-bond ETF)-- I am getting initial, but very strong technical signals that the backup in 10-year YIELD from the late-March low at 3.78% to yesterday's (2/22/24) high at 4.35% is nearing exhaustion ahead of a rollover into another downleg within the larger downleg off of the October 2023 high at 5.00% (see my attached Daily Chart).