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.
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