Energy stocks remain the leading sector in 2022. Today we’re considering another pullback in a major name: oil-field servicer Schlumberger.
Like Exxon Mobil yesterday, SLB has retreated from a multiyear high to hold its 50-day simple moving average (SMA).
SLB also made a slightly higher low this week versus earlier in the month. (Notice the trendline starting in late January.)
Finally, both of the prior lows occurred near earlier highs. The January 24 low matched the peak from late October. The March 1 bottom corresponded to last June’s high. Both times, SLB turned old resistance into new support. That also suggests bulls have taken charge.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
Like Exxon Mobil yesterday, SLB has retreated from a multiyear high to hold its 50-day simple moving average (SMA).
SLB also made a slightly higher low this week versus earlier in the month. (Notice the trendline starting in late January.)
Finally, both of the prior lows occurred near earlier highs. The January 24 low matched the peak from late October. The March 1 bottom corresponded to last June’s high. Both times, SLB turned old resistance into new support. That also suggests bulls have taken charge.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
