Schlumberger Holds the 50-day SMAEnergy stocks remain the leading sector in 2022. Today we’re considering another pullback in a major name: oil-field servicer Schlumberger.
Like Exxon Mobil yesterday, SLB has retreated from a multiyear high to hold its 50-day simple moving average (SMA).
SLB also made a slightly higher low this week versus earlier in the month. (Notice the trendline starting in late January.)
Finally, both of the prior lows occurred near earlier highs. The January 24 low matched the peak from late October. The March 1 bottom corresponded to last June’s high. Both times, SLB turned old resistance into new support. That also suggests bulls have taken charge.
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