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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Schlumberger Ltd (NYSE:SLB) based on the price action in the company's shares. Today's price range of $17.66 and $17.94 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 Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Potential upside of 349.5% exists for Schlumberger Ltd, based on a current level of $17.85 and analysts' average consensus price target of $80.27. The stock should find resistance at its 200-day moving average (MA) of $30.84, as well as support at its 50-day MA of $16.68.

Schlumberger Ltd share prices have moved between a 52-week high of $41.49 and a 52-week low of $11.87 and are now trading 50% above that low price at $17.85 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 7.4% while the 200-day MA has slid 1.8%.

SmarTrend is tracking the current trend status for Schlumberger Ltd and will alert subscribers who have SLB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle schlumberger ltd

Ticker(s): SLB