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      Published: 3 years ago
      Author: BullishCharts

      Schlumberger fuels your Portfolio | $SLB

      Schlumberger Limited (NYSE: SLB) engages in the provision of technology for reservoir characterization, drilling, production and processing to the oil and gas industry. The company has been far from the thoughts of investors in the past few years, as it has fallen 65% from its 2014 highs. For long-term investors, this could provide a fantastic opportunity. SLB is currently offering nearly 200% upside potential. The company is also one of the strongest in the USA and investors have a nice 4% yield to grasp on to, while they wait for a sustained recovery.

      Fears of political issues have intensified in recent days as the USA have retaliated against the Iranian regime, which has added another spark to the tinder box within the Middle East.

      Now let’s check the charts for potential guidance:

      SLBThe Weekly Chart is showing some notable signals to consider:

      • Bullish channel break has led to nice continuation.
      • RSI has room to run higher.
      • Bullish rise in Moving averages, possible golden cross approaching.
      • Momentum indicator remains above zero line.
      • Strong momentum and strong change in sentiment due to unrest in the Middle East.


      The Weekly Chart has some alternate factors to consider:

      • 7&12 moving averages have crossed above the 34ma – a very bullish signal.
      • RSI and Momentum in bullish uptrend.
      • Nice base built as sellers capitulated in August.
      • $40 (monthly support level)

      Targets to consider:

      Short term          $45.70 – at weekly resistance.

      Medium Term    $51.00 – .236 Fibonacci retrace level.

      Longer term       $54.00 – strong horizontal weekly resistance.

      Buy trigger to watch:

      A sustained break above the daily resistance level @ approx. $41.00

      Click Here to View our Chart Analysis on TradingView

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