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Possible Bearish Inside Day Candle Pattern Detected for Schlumberger Ltd (NYSE:SLB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Schlumberger Ltd (NYSE:SLB) based on the price action in the company's shares. Today's price range of $32.74 and $33.06 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Schlumberger Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Schlumberger Ltd has overhead space with shares priced $33.05, or 58.8% below the average consensus analyst price target of $80.27. Schlumberger Ltd shares should first meet resistance at the 50-day moving average (MA) of $34.07 and find additional resistance at the 200-day MA of $39.52.

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management, and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

Schlumberger Ltd share prices have moved between a 52-week high of $61.19 and a 52-week low of $30.65 and are now trading 8% above that low price at $33.05 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.8%.

SmarTrend is tracking the current trend status for Schlumberger Ltd and will alert subscribers who have SLB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle schlumberger ltd

Ticker(s): SLB