Friday, August 18, 2017

LOOK FOR SHARES OF SCHLUMBERGER TO POTENTIALLY PULLBACK AFTER YESTERDAY’S 0.15% RISE (SLB)

December 7, 2010 by  
Filed under WORD OIL

Schlumberger (NYSE:SLB) traded in a range yesterday that spanned from a low of $81.30 to a high of $83.21. Yesterday, the shares gained 0.15%, which took the trading range above the 3-day high of $83.00 on volume of 6.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Shares of Schlumberger are currently trading above their 50-day moving average (MA) of $69.71 and above their 200-day MA of $63.35. Look for the MA to provide support for a short-term pullback in the shares.

SmarTrend currently has shares of Schlumberger in an Uptrend and issued the Uptrend alert on September 08, 2010 at $58.02. The stock has risen 42.6% since the Uptrend alert was issued.

SmarTrend expects the share price to pullback toward the $82.86 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Oil & Gas- Equipment and Services industry.

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