NYSE:SLB may be ready to breakout.

Our stock screener has spotted SCHLUMBERGER LTD (NYSE:SLB) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:SLB.

Technical Analysis Observations

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, SLB scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, SLB has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that SLB is one of the better performing stocks in the market, outperforming 98% of all stocks. On top of that, SLB also shows a nice and consistent pattern of rising prices.
• SLB is one of the better performing stocks in the Energy Equipment & Services industry, it outperforms 82% of 91 stocks in the same industry.
• SLB is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so SLB slightly outperforms the market at the moment.
• In the last month SLB has a been trading in the 48.86 - 56.04 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

How does the Setup look for NYSE:SLB

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:SLB scores a 8 out of 10:

SLB has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:SLB be traded?

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.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout analyzer lists more breakout setups and is updated daily.