Is It Wise To Catch Falling Knife?

Schlumberger Limited’s (SLB) stock market capitalization is $80.169 Billion and the total revenue is $28.178 Billion. Moreover, the stock’s basic EPS is $2.77 and the price-to-earnings ratio is 21.03. According to Simply Wall St., a financial website,  Schlumberger Limited (SLB) experienced an incline in its earnings at a rate of 31.1% per year on average. The average annual earnings growth of the energy services industry is 15.3%. Therefore, SLB earnings are higher than the industry’s average.

Moreover, Schlumberger Limited’s (SLB) stock has performed well in the last month, increasing by 1.06% and by 5.28% in the last six months. Schlumberger Limited (NYSE: SLB) stock has a positive year-to-date return of 6.72% and a one-year positive return of 53.66%. The average volume is 8.61 Million and the current volume is 7.371 Million where the current volume is above average volume. 

As per Simply Wall St.’s recent insider transactions, the insiders have been selling the stock in the last three months and the vanguard group, inc is the top shareholder and owns 9.06% of the company.

SLB Stock Price Technical Analysis in 1-D Timeframe

The price action shows that Schlumberger Limited ( NYSE: SLB) stock price took major support at $46 as liquidity was present at this level, the price showed a good uptrend and reached a high at $60 by August 10th, 2023. Thereafter, the SLB stock faced resistance from the last week and traded lower and the CMP seems unsustainable.

At the time of publication, the SLB Stock’s current price is trading around $56.41 and facing resistance from the trendline, and Schlumberger Inc. stock may decrease downwards further and SLB stock might reach back to the liquidity demand zone.

Therefore, if Schlumberger fails to maintain its current level, the SLB price could continue to drag downwards and hit the nearest support levels around $53.92 and $51.96.

However, if the stock price sustains the current level and the Schlumberger price increases, then it might reach the nearest resistance levels of $58.73 and $60.08.

At the time of publishing, Schlumberger Limited. (NYSE: SLB) is trading above all major exponential moving averages (EMA’s – 50, 100, and 200-day).

Furthermore, trading below 20-daybEMA, if more selling volume rises in SLB stock then the price might capture supporting EMA by making lower highs and lows.

The current value of RSI is 46.59 points. The 14 SMA is above the median line at 62.19 points which indicates that SLB stock is in bearish territory and the RSI took rejection from the 14 SMA line.

The MACD line at 0.8025 and signal line at 1.30 are above the zero line and both lines have crossed each other. A bearish crossover is noticed in the MACD oscillator which expresses bearishness for the Schlumberger stock price.

Summary

Schlumberger Limited (NYSE: SLB) indicates that the traders and investors of the stock price are bearish on the 1-D time frame. The price action of SLB stock shows a bearish outlook at the time of publishing. The most sought and reliable technical analysis tools such as EMA, RSI, and MACD for SLB stock price also support bearishness and indicate that a downtrend may continue in Schlumberger stock price.

Technical Levels

• Support levels: The nearest support levels for SLB stock price are $53.92 and $51.96.
• Resistance levels: The nearest resistance levels for the SLB stock price are $58.73 and $60.08.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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