$SLB with a Bearish outlook following its earnings #Stocks The PEAD projected a Bearish outlook for $SLB after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 50%.
SLB trade ideas
Variety/Targets BelowA variety of patterns.
Possible Bull Flag, possible cup and a large Rising Wedge that encompasses the trend on the recent chart.
The rising wedge (bearish if broken) is not valid as the bottom trendline has not been broken and has acted as a support line.
Price can break up from a wedge even if it is usually a short lived move.
The flag has broken the top trendline but did not do so with a "bang".
Targets if the wedge loses this battle are 57.12, 61.7. Targets 2 are 64.9 and 69.
Most of oil is in a rising wedge or is sitting over a wedge so rising wedges are common in this industry right now.
Yet they continue to rise and the bottom trendlines remain in tact for most.
There will be a reckoning at some point though. )o:
No recommendation
Going long in Schlumberger SLBHello Traders
Schlumberger SLB - NYSE.
Broadening Wedges Ascending
Trend : Upward.
Formation : Broadening Wedges Formation (In Progress)
Possibility : Bullish continuation
Probability to hit tragedy: 69.00%
Trade Plan.
Long / Buy Trade.
Entry Level above the red support line @ 46.17
Take Profit - Below the 4 hour support zone @ 61.50
Stop Loss at the support level red line @ 41.80
Trail Stop loss on support level as trade progresses.
TP = Total PIPS in gain = 15.33 Profit 33.37%
Total PIPS in Stop loss = 4.37 Loss 10.94%
Regaards,
Pullback in SchlumbergerSchlumberger broke out to new multiyear highs last month, and now it’s pulled back.
The first pattern on today’s chart is the June peak of $49.83. Strong quarterly results drove the oilfield servicer through that level on October 21. Two retests occurred in November, but it held both times. Has old resistance become new support?
Next, SLB is currently trying to form a bullish inside week. That could suggest prices are squeezing before a bigger move occurs.
Third, stochastics are back near an oversold condition.
Finally, energy remains the top-performing sector in 2022 as crude-oil inventories dwindle. That may keep investors engaged into yearend.
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10/30/22 SLBSchlumberger N.V. ( NYSE:SLB )
Sector: Industrial Services (Oilfield Services/Equipment)
Market Capitalization: 71.538B
Current Price: $50.45
Breakout price trigger: $52.50
Buy Zone (Top/Bottom Range): $51.00-$47.40
Price Target: $61.20-$62.40
Estimated Duration to Target: 56-60d
Contract of Interest: $SLB 12/16/22 55c
Trade price as of publish date: $1.63/contract
$SLB Swing TradeSLB Swing Trade - Grade A
Strategy Description
• Solid earnings + Reaction
• In a very strong sector (XLE)
• Huge daily level with not much resistance until higher up
Market Big Picture
• SPX favors the upside until we break below 3638.
• Energy plays tend to diverge from SPX, so this is a comfortable swing even if the market is dying and breaks below 3638.
Intraday Fundamentals
• SLB Earnings were rock solid and the stock was up 2.7% premarket + 8% on the day
Long Term Technicals
• SLB is approaching a massive daily level at 49.83 which if broken successfully with the earnings tailwind, can see 52.94, 59.25, 63.31
⚒️ Instrument ⚒️
SLB 12/26/22 - 50C @ 3.3
🎯Targets: 52.94, 59.25, 63.31
🩸Stop: Close below 46.69 on the daily
earnings watch 10/21earnings watch 10/21
SLB
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Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, capital risk management
Beware of analyst's motives
Emotions & Opinions
FOMO : bad timing, the market is ruthless, be shrewd
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big, organized desk
Reading books, playing chess
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
TTC - trend channel
AlertiT - notification
tickerTracker - MFI Oscillator
www.tradingview.com
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.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com .
SLB (Short) - Betting on demand destruction in oil marketsThe Overall Market
The current market is extremely tricky, but it is possible to find a rational explanation for every move. I took a closer look at the oil market , which is clearly undergoing gradual demand destruction caused by the recession fears (like the recent economic news from China) Although I understand that the bigger-picture supply situation might lead to higher commodity prices in the future, demand destruction is likely to prevail in the next 3-6 months. My target range for oil is 60-70$ . The broader markets are also due for a correction after that massive run, which would give more momentum to my trade.
Fundamentals
With this view in mind, I started looking for a way to express this idea. I choose to be a little riskier, so I wanted to express the trade through a single stock short (but there are obviously many more ways to express this trade if you want to take less or more risk). Hence, I started looking for energy stocks which perform the worst on a relative scale . I arrived at SLB; a large-cap company ($50b), so don't expect too much volatility. Although the firm's fundamentals are pretty solid, its share price is not able to diverge from its strong correlation with the oil price.
Technicals
From a technical point of view, the stock gets 10/10. We saw a massive slump during June, which indicated the end of the prior trend . Since then, the stock has consolidated and returned to a very strong line of support/resistance (black line). I would suggest setting stop loss just above this line, on top of the previous high (red line). This gives a perfect risk/reward (R/R) ratio where you risk only 4% . The stock is also being approached from above by its 50 and 200 SMA. MACD is showing a bearish divergence while just turning at the 0 line. Daily RSI also nicely bounced around the 60 level and seems ready to head back to the bearish territory. If you switch to a weekly chart, you will see that the weekly RSI just broke down and looks like heading lower. I indicated two profit targets (green lines). One would give you R/R of 4:1, the other around 6:1.
Happy trading.
