Oil has seen its lows, Iran saying it will go along with production freeze could lead to higher oil prices I believe, so SLB is the safest oil play. Would take small stake here and buy larger stake upon breakout of consolidation of prices in 3 to 4 weeks.
Short-term outlook: bullish.
The stock is currently bottoming out of wave 4 and just starting the developping process of impulse wave 5 as it´s attempting to break up from the consolidation pattern that it´s been forming in the past few months.
The Point and Figure horizontal count gave us a target at 114,4 ( start counting from the O´s column entering the...
3-5 And here we are today with yet another
energy stock building a Bull channel in green.
What do I need to see to make me get long?
An upside crossover of the green line that's what.
THEN one could place a stop on any break below
the blue line of line of one's choosing. The top blue line
is a tighter stop and IF IF IF an issue is going to go
after breaking out...
On a daily chart, the price is flowing down in the smooth thin downtrend channel. And it seems to have found
support temporarily. Besides, the distribution volume at the blue channel top seems to have been offset by the accumulation volume!
If there is another leg of sell-off which i label-Path 1, the next potential target price could be about 75 depending on how...
Moving averages was left out to avoid complication of analysis.
Schlumberger is in a decade-term uptrend channel since 1988. Ever since the top at 110 in July 2008, the price has been in consolidation triangle form until Sept 2013 when price broke out convincingly.
However, the historical price of 110 was too much of a resistance, after a false broke up,...
During this recent move up in S&P (100 handles from the last bottom) Oil&Gas ($XOP) stayed one of the weakest sectors and specifically shares of Slumberger.
After exhausted move up on the end of June, it entered into correction and broke down its 50 EMA that was in control since the beginning of 2014.
Now, sellers keep preassure and hold resistance at $110...
Tradingview is not allowing me to write in all my comments. . .
Pullback
Status: Watching 60min
Point system: 1 = meets criteria, 0 = fails or not applicable
Total points: 9 / 12
Cost basis:
Stop:
First price target:
Technicals:
Horizontal S&R: 0
Channel S&R: 1
MA S&R: 0
Pearson's R >= 85: 1
Price within Fib Ret..62: 1
Stochastic turn/crossover above...
REPOSTING:
"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...
Weekly chart here
The daily chart is offering a very good risk/reward setup. At the moment price is closing the overnight gap down, and probably it will continue up a few cents.
Bearish divergences on the MACD histogram and FI point to a correction. First target is at 95, second at 90.
