Schlumberger Is Pulling BackOilfield-services provider Schlumberger has been grinding higher for weeks. Now amid a brief pullback, it could soon offer buyers a potential opportunity.
The first pattern on today’s chart is the series of higher lows since mid-July. SLB hit resistance several times around $37.20 before breaking out on August 23. Traders may look for support to form near the top of that ascending triangle.
Next, that potentially important level is near the 200-day simple moving average (SMA).
Finally, MACD has been steadily rising. This may suggest that short-term momentum remains bullish.
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