A technical analysis of SCHLUMBERGER LTD.

A possible breakout setup was detected on SCHLUMBERGER LTD (NYSE:SLB) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:SLB.

Zooming in on the technicals.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, SLB scores 7 out of 10 in our technical rating. In the last year, SLB was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that SLB is one of the better performing stocks in the market, outperforming 94% of all stocks.
• SLB is part of the Energy Equipment & Services industry. There are 67 other stocks in this industry. SLB outperforms 71% of them.
• SLB is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so SLB is performing more or less in line with the market.

Our latest full technical report of SLB contains the most current technical analsysis.

Why is NYSE:SLB a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:SLB has a 8 as its setup rating:

SLB has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 56.45, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:SLB

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.