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SmarTrend Watching for Potential Rebound in Shares of Schlumberger After 1.14% Loss

By Amy Schwartz

Schlumberger (NYSE:SLB) traded in a range yesterday that spanned from a low of $78.38 to a high of $79.07. Yesterday, the shares fell 1.1%, which took the trading range below the 3-day low of $78.91 on volume of 2.9 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Schlumberger has traded in a range of $59.60 to $94.41 and is now at $78.42, 32% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.4%.

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 3.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Schlumberger

Ticker(s): SLB