That recommendation did not have much shelf life as the June low was broken by mid-August. With no position it may be easier to look at the updated charts of SLB this morning.
In this daily bar chart of SLB, below, we can see how SLB continued its decline in September and more aggressively this month as the broad market was pounded. SLB is trading below the declining 50-day moving average line and this month the slope of the 200-day line also turned negative or bearish.
The daily On-Balance-Volume (OBV) line has weakened the past two weeks but is above the early September low. The level of volume was heavy the past week and looks like it could "throw in the towel-like selling."
The daily Moving Average Convergence Divergence (MACD) oscillator crossed to the downside in early October for a fresh outright sell signal and the two moving averages that make up this indicator have not begun to narrow so a cover shorts buy signal is not at hand.
In this weekly bar chart of SLB going back to late 2013, below, we can see that the price weakness this month was just a continuation of a much longer decline. Prices are below the declining 40-week moving average line.
The weekly OBV line has made new lows for its long move down and the MACD oscillator is in a sell mode on this time frame.
In this Point and Figure chart of SLB, below, we can see a potential or tentative price target of $40.96 being projected.
Bottom line strategy: SLB is pointed down and we see no nearby chart support, plus we have a Point and Figure target around $40 - not a recipe for going long. Stand aside and wait for a developed base pattern before looking at the long side.