NYSE:SLB may be ready to breakout.

Our stock screener has identified SCHLUMBERGER LTD (NYSE:SLB) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:SLB.

What is the technical picture of NYSE:SLB telling us.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, SLB scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, SLB has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that SLB is one of the better performing stocks in the market, outperforming 94% of all stocks.
• SLB is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so SLB is lagging the market slightly.
• SLB is an average performer in the Energy Equipment & Services industry, it outperforms 68% of 67 stocks in the same industry.
• In the last month SLB has a been trading in the 55.52 - 60.12 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of SLB

How does the Setup look for NYSE:SLB

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:SLB is 9:

SLB has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 59.66. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 58.09, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for SLB in the last couple of days, which is a good sign.

How can NYSE:SLB be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:SLB and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.