Schlumberger Ltd. ( SLB) provides digital solutions and deploys innovative technologies to enable performance and sustainability for the global energy industry. They can make money whether crude oil prices are going up or down.
Let's check out the charts and indicators of this oil services firm.
In this daily bar chart of SLB, below, we can see that the shares have snapped back sharply in recent days. SLB made a sharp downward correction in June and July but prices have now recovered more than half of the side. SLB is trading above the rising 50-day moving average line and the rising 200-day line.
The On-Balance-Volume (OBV) line corrected from June to late September but has started to strengthen again. The Moving Average Convergence Divergence (MACD) oscillator is bullish again as it crosses above the zero line.
In the weekly Japanese candlestick chart of SLB, below, we can see some positive clues. The large white real body in the latest candle is bullish and foreshadows further gains. Prices are back above the rising 40-week moving average line.
The weekly OBV line shows the start of some improvement from the middle of September. The MACD oscillator is hugging the zero line and close to a new buy signal.
In this daily Point and Figure chart of SLB, below, we can see a potential upside price target in the $58 area.
In this weekly Point and Figure chart of SLB, below, we see the same price target of $58. A trade at $50 is likely to generate a still higher price objective.
Bottom-line strategy: Traders could approach the long side of SLB on a dip to $41, risking to $37. The $58 area is our price target for now.
