With OPEC extending production cuts and a recent low level of investment by international E&Ps, see why the Action Alerts Plus team thinks Schlumberger will climb higher in 2018.
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Charts: Schlumberger
Real Money's BRUCE KAMICH (Follow) reviewed the charts and indicators of Schlumberger Ltd. (SLB) at the end of September, and said: "Comebacks, turnarounds and bottoms take time. We might see a $71/$72 to $66 trading range over the next several weeks, as SLB continues to build its bottom." With several more weeks of trading under our belts, we can see that SLB behaved weaker than anticipated, with a $70 to $61 trading range with lower highs, but with the $62-$61 area holding.
For more on charts and indicators, to see if this is still a base formation or a large continuation pattern, check out Aggressive Schlumberger Sellers Meet Aggressive Buyers.
