An intraday high potential, Back Tested Sort Analysis.
We ll try to enter into the correction of the uptrend movement.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
Everything is perfectly shown on the chart. The company has quite good fundamental indicators, really good and stable dividends. I think that now is a great technical situation to buy this stock for long-term run.
On the Hourly chart SLB is in a short term bull trend (White Diagonal Line), meeting the long term downtrend resistance (Red Diagonal Line). Although WTI seems to be on an uptrend, it does not look like it may have a positive correlation for price for SLB in terms of a swing trade.
The RSI has shown oversold and the SMII is down trending,...
Another midpoint here suggesting at least an intermittent bounce in energy coming up.
Looking for Schlumberger, a good proxy for oil, to bounce off 27.30 zone... will it hit this zone at the same time my previous heating oil chart bottoms?