top of page
Live Off Dividends

Schlumberger Ltd - What the chart tells us

Updated: Jan 26, 2023


The weekly chart

Schlumberger SLB weekly chart technical analysis

In the SLB weekly chart, we can see that the price is in a midterm bullish trend and now it’s about to cross above the previous long-term bearish trend line.

Price crossing above the 41.5 – 43.5 resistance area which is associated with the long-term bearish trend line, will confirm the initiation of the long-term bullish trend.

Considering the momentum of the current midterm bullish trend, price is more likely to cross above 41.5 – 43.5 in the short-term bullish trend.

Also, we can see an inverse head and shoulders pattern formation, which is a bullish pattern with a midterm target of 54.8 – 57.8 area.

The Daily Chart

Schlumberger SLB daily chart technical analysis

Considering the recent bullish movement, we can see the midterm bullish trend channel. price took the resistance at 41.5 – 43.5 area and since it’s also tested the upper trend line of the bullish channel, we can expect a short-term price pullback, before price continuing the bullish trend.

The Daily 200 Moving Average line acted as the support for the midterm bullish trend. So we can expect the short-term price pullback to happen towards the 33.0 – 34.5 support area.

Considering the previous high, the pullback most probably won’t touch the 33.0 – 34.5 area in bullish sentiment, so it’s better to put buy orders preferably between 34.5 - 36.5 area, just above the support area.


Schlumberger SLB chart technical analysis

In conclusion, SLB is mid-term bullish, and the long-term bullish trend will confirm after price crossing above the 41.5 – 43.5 resistance zone.

Since we expect the short-term price pullback to continue towards the 33.0 – 34.5 support zone, it’s better to buy around that support area preferably below the 36.5 level.

We can expect the 43.5 level as the short-term target and the 54.8 as the midterm target based on the pattern formation. The current midterm bullish trend is valid as long as the price stays above the 28.4 – 29.4 support zone.


You can read more about technical analysis and indicators here:

Hope this was useful for you! Please note that the above content is not an investment advise and shall be considered only for informative purpose.

Feel free to share your opinions in the comments section below.

You might be also interested in:



Stock Market Analysis

More Investing Articles

bottom of page