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Schlumberger Ltd (SLB) Approaches New Downside Target of $31.22

By James Quinn

Shares of Schlumberger Ltd (NYSE:SLB) opened today below their pivot of $32.82 and have already reached the first level of support at $31.78. Should the shares continue to fall, the support pivots of $31.22 and $29.62 will be of interest.

Over the past year, Schlumberger Ltdhas traded in a range of $31.44 to $66.04 and are now at $31.44. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.2%.

Schlumberger Ltd (NYSE:SLB) has potential upside of 155.3% based on a current price of $31.44 and analysts' consensus price target of $80.27. The stock should run into initial resistance at its 50-day moving average (MA) of $37.93 and subsequent resistance at its 200-day MA of $41.91.

SmarTrend is monitoring the recent change of momentum in Schlumberger Ltd. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Schlumberger Ltd in search of a potential trend change.

Keywords: pivot alerts schlumberger ltd

Ticker(s): SLB