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Look for Shares of Schlumberger Ltd to Potentially Pullback after Yesterday's 5.73% Rise

By James Quinn

Schlumberger Ltd (NYSE:SLB) traded in a range yesterday that spanned from a low of $34.41 to a high of $36.37. Yesterday, the shares gained 5.7%, which took the trading range above the 3-day high of $34.80 on volume of 6.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Schlumberger Ltd has traded in a range of $31.03 to $63.65 and is now at $36.37, 17% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Schlumberger Ltd on August 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $37.96. Since that call, shares of Schlumberger Ltd have fallen 9.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders schlumberger ltd

Ticker(s): SLB