"Massive 5-year triangle in SLB shares has come to a conclusion because the trendline connecting the "highest lows" across the previous rally highs has been surpassed, suggesting that the selling pressure is off of the stock.
I noted four other previous rally's in SLB pasted onto the most recent low for reference. I simply thought it was interesting to see how fast it has rallied at times in the past. This stock gets into momentum stages very quickly.
The recent breakout occurred from a multi-month sideways "box" or accumulation zone labeled in green. Old resistance levels existed that SLB had to get through, but now that both resistance levels have been crossed, it appears that SLB is set to grind out a rally to higher levels near 90, then 100.
I believe SLB will outperform the market also, so if you plot this stock against the SP500 using SPY, it may be important to keep an eye on SLB/SPY to make sure that ratio is plotting along too during the course of this rally.
Cheers.
Tim 3:29PM EST, Wednesday, Aug 28, 2013 "
Comments
djflowmaster
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Excellent chart there! I think it goes to the $130 projection.
timwest
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It made it to the top of the red projection zig-zag pattern I laid out. The green lines are reference lines of previous rallies, just was showing everyone that it could rally like that if it just got going. So, it reached my highest projection already.
A-shot
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I think it may to 130 as well as it is may be a result of breaking out of a symmetrical triangle and that is the place it should end up in this case. Nice observation!
JuanpiSLD
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can you do another analisis please on slb
A-shot
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Exactly in between the lowest guess and highest one
timwest
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(Error in title: I wrote July but the date was Aug)