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

By Nick Russo

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 $69.51 and $69.86 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 40.0% based on a current price of $69.79 and analysts' consensus price target of $97.71. The stock should find initial resistance at its 200-day moving average (MA) of $74.48 and further resistance at its 50-day MA of $75.25.

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 share prices have moved between a 52-week high of $94.41 and a 52-week low of $59.60 and are now trading 17% above that low price at $69.79 per share. 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 its subscribers protect gains by selling shares of Schlumberger on February 2nd, 2017 by issuing a Downtrend alert when the shares were trading at $82.59. Since that call, shares of Schlumberger have fallen 15.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Schlumberger

Ticker(s): SLB