SCL trade ideas
Schlumberger earnings on 1/21 at 6:50amSchlumberger (SLB) Q4 December 2021 earnings are on 1/21 at 6:50am. Schlumberger N.V. (SLB) reported Q3 September 2021 earnings of $0.36 per share on revenue of $5.8 billion. Revenue grew 11.2% on a year-over-year basis. The setup was better a few days ago. If there's a pullback around $30, that's a fair level. Here's the price levels on the 1 day chart.
Q4 Consensus:
EPS = $0.39
Revenue = $6.12B
P/E = 28.54
Div /Yld = 1.503
52 week high = $36.87
52 week low = $21.23
SMA200 = $30.25
SMA150 = $30.63
SMA100 = $30.43
SMA50 = $31.18
breakout = $33.23
R3 = $32.34
R2 = $31.45
R1 = $30.56
pivot = $29.67
S1 = $28.78
S2 = $27.89
S3 = $27.00
breakdown = $26.11
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SLB Oil Double Top forming? The red line shows a lower high followed by a subsequent decline which is approaching the neckline of a double bottom formation.
If the neckline (dotted yellow) breaks then the theory goes that the decline should be equal to the distance between the peak and trough of the high and the neckline, as labelled on the chart by the profit target.
The decline could go on for a while but this price is closely tied to the price of oil so expect volatility, and in particular watch out for the earnings call - as a rule I do not want to be short during earnings call because the possible gap ups the next day can be devastating and take you way past your stop loss.
I'd enter my short at option 1 (diagonal neckline) or more conservatively option 2 across the horizontal break, and ideally only when the close is below the neckline, but its a matter of preference, some people prefer to trade the wick and short as soon as price crosses. I've been burned a fair few times on those false crosses so prefer to trade the close these days.
If the neckline doesn't break, well start looking for long entries...
Keep on Watchlist.Please note this is only an idea, invest at your own risk.
Currently sitting/fighting a key level of resistance/support at around 31/32.
I would like to see it form a good base and stabilize around this level.
If it surpasses next resistance of previous swing high, at around 34, then I would consider it a good entry point up until 40.
The opening of the economy and summer might have a positive influence on it, so expect moves around these key levels within the next few weeks.
Happy to get feedback on my idea.