The PEAD projected a bullish outlook for NYSE:SLB after a negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 66.67%.
In this chart I point to main chart pattern in the SLB prices at this moment, that is the head and shoulders. Not only that, but the prices are doing a breakout of this pattern, that I indicate step-by-step at the purple text in the chart.
I am also trying to take some advantage of this movement, and so I bought a very short term put option to try catch some...
The PEAD projected a bearish outlook for NYSE:SLB after a negative under reaction following its earnings release placing the stock in drift D with an expected accuracy of 40%.
we can see cross-two MA for this underlying. This makes my idea to short it if it could not break above the moving averages. Personally, I think SLB can start turn into a downtrend
Top chat in the weekly time, bottom chart in the daily timeframe,. Looks that price is heading to the $47 support level. It may drop to the bottom of the channel but the energy sector still strong. I take profit at 47, then I'll see.
Last weeks SLB has significant growth, time to cool down. There is huge year ascending triangle with fake breakthrough, elliot waves show correction phase abc.
Use 50% entry at half of wave 5 = 57.25, add another 50% at 59.
SLB consolidating inside an ascending triangle with possible breakout to ATH (all time high) levels above $56
Shrinking Volumes with price in consolidation showing base formation for breakout to higher levels
SLB is an outperforming stock in a strong sector $SPN
The PEAD projected a Bearish outlook for $SLB after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 50%.
NYSE:SLB closed above the area of value yesterday, it opened above this level. Yesterday's volume was above average. Note that it's CPI day today, anything is possible.
$SLB setting up a 6 wk - 16.4/3.4 - 3T VCP pattern.
Its industry RS is currently #1
Composite and RS rating >90
Falls under the criteria of @markminervini's Code 33 screen: 3 straight quarters of accelerating earnings, sales and margins.
A variety of patterns.
Possible Bull Flag, possible cup and a large Rising Wedge that encompasses the trend on the recent chart.
The rising wedge (bearish if broken) is not valid as the bottom trendline has not been broken and has acted as a support line.
Price can break up from a wedge even if it is usually a short lived move.
The flag has broken the top...
$SLB has been consolidating since October 25, 2022 in this channel. MACD is about to turn over and sellers are cooling off. The volume is showing that a potential for a move will be ready to run soon. Profit targets are labeled in blue with entry and exit points.
Hello Traders
Schlumberger SLB - NYSE.
Broadening Wedges Ascending
Trend : Upward.
Formation : Broadening Wedges Formation (In Progress)
Possibility : Bullish continuation
Probability to hit tragedy: 69.00%
Trade Plan.
Long / Buy Trade.
Entry Level above the red support line @ 46.17
Take Profit - Below the 4 hour support zone @ 61.50
Stop Loss at the...
