Possible Bearish Inside Day Candle Pattern Detected for Schlumberger (NYSE:SLB)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Schlumberger (NYSE:SLB) based on the price action in the company's shares. Today's price range of $83.11 and $83.66 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Schlumberger (NYSE:SLB) has potential upside of 10.2% based on a current price of $83.12 and analysts' consensus price target of $91.57. The stock should find initial support at its 50-day moving average (MA) of $75.25 and further support at its 200-day MA of $74.48.
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.
In the past 52 weeks, shares of Schlumberger have traded between a low of $59.60 and a high of $94.41 and are now at $83.12, which is 39% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 0.2%.
SmarTrend recommended that subscribers consider buying shares of Schlumberger on June 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $79.82. Since that recommendation, shares of Schlumberger have risen 5.1%. We continue to monitor SLB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle Schlumberger