SLB/N trade ideas
SLB has double bottom (W) model in weekly chart, it is going toW model, already reached bottom, SLB is now going to follow a long-term uptrend
within the Strong support areaif it breaks completely,
i'd sell this stock
it's for educational only.
Corrective PotentialOne of the dissed shares that may rise against the market as it may have found a bottom now.
Trying to close the windowAfter the hammer candle yesterday Schlumberger may try to test the upside to close thw window.
SLB - POTENTIAL BOTTOM08.05.17
Signal of a potential bottom from my dBFIr on DAILY chart
Awaiting confirmation
SCHLUMBERGER SETTING UP LONG ENTRYTrying to pick the exact bottom is a fool's errand. SLB entering an Accumulation Buy Zone between recent pivot lows. Low risk entry in this region if willing to hold.
Support for SLBIn my opinion, $77.50 is a critical support for #SLB. It will be my entry price if #SLB will hold and reverse at this price range.
$SLB bullish in more ways than one$SLB looks like an ascending triangle/inverted head and shoulders/channel up.
Recent candle is bullish engulfing bouncing off of 50 ma. Price currently above all moving averages.
Schlumberger Corrective, Waiting for a Sell SetupAnother one on our list of us energy stocks which we think are currently in a corrective wave.
The first condition we are waiting for is the breaking down and out of the lower trend line. Once that is breached then we will be watching in lower time frames for a retest & rejection or a corrective pattern to sell from.
Once these conditions have been met we will sell short.
Left Shoulder Completion --> Breakout?Will SLB break $81 and head higher? Or is it forming a top, only to be crushed by oil market once again?
Time To Sell Now..Probably, yesNow, we prefer to take a short position if price heads below $74 with target price at $64 zone next few weeks. Trade less and save more!
SLB breaks to right of Weekly TLOil has seen its lows, Iran saying it will go along with production freeze could lead to higher oil prices I believe, so SLB is the safest oil play. Would take small stake here and buy larger stake upon breakout of consolidation of prices in 3 to 4 weeks.
