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- 1 Schlumberger stock price trades above the 20, and 50-day daily moving average, buyers are dominating over sellers, and the price is near key resistance.
- 2 The year-to-date return of Schlumberger Limited is 13.90% while the three-month return is 27.24%
- 3 Schlumberger Limited. ( NYSE: SLB) stock’s 52-week price range is around $30 – $61.
According to the price action, it seems that the SLB stock is ready for a significant increase, with potential growth in price for the upcoming sessions. The buyers are supporting the stock’s upward movement by working hard to keep these levels.
SLB stock price was at $60.21 with an intraday increase of 0.15%. Moreover, the intraday trading volume of SLB is 8.429 Million more than the 10-day aggregate volume of 7.431 Million.
SLB stock has been rising since the beginning of 2023 and has shown buyer accumulation. The stock encountered a barrier near the supply range and had a retracement in the previous sessions up to the 23.6% level around $55 and it reversed right from this level and started ascending.
Recently, the stock paid a dividend of $0.25 on September 5th 2023 and as seen in the previous sessions, the stock has reacted either by selling off or by buying heavily. Since the SLB has not reacted yet, a reaction is expected and most likely, like the previous dividend on June 6th 2023, a strong buying could push the prices higher
The SLB stock (Schlumberger Stock) is still showing a strong upward trend above the key moving averages. The trend had some signs of slowing down in the share price but soon recovered. On the daily charts, SLB stock is in the bullish zone and has kept the uptrend above the 20 and 50-day EMAs.
Based on recent data, the revenue of Q2, 2023 was $8.099 Billion with a net income of 1.03 Billion. Moreover, the SLB stock estimated EPS for Q2’ 23 was 0.71, and the reported EPS was 0.72 which gave a positive surprise of 1.72%. Moreover, the forecasted EPS for the next quarter is positive at 0.77.
The largest SLB stockholder is Vanguard Group Inc., which holds 9.06% of the company’s shares, worth $7.8 Billion and totaling 129,115,551 shares. Also, Schlumberger Limited insiders have sold a huge amount of SLB shares in the last three months, according to a financial website, Simply Wall St. Five insiders sold about 110,055 shares, valued at around $6.4 Million.
Technical Analysis of SLB Stock Price in 1-D Timeframe
SLB was on a bullish trend since September last year before 2023 began. The SLB price bounced back from a major support around $34 where there was high liquidity and strong buying. The price climbed up to $60 with difficulty and excitement, but the high was reached in January 2023 and then the price fell after the Q4’22 earnings report and formed a support near $42, which is also the fibo 61.80% level. The price also followed the Fibonacci levels of 61.80%, 50.00%, 38.20%, and 23.60% closely and rose and fell from these Fibo levels throughout the uptrend.
The price faced some resistance near the high $60 and retreated to the $55 level, which is around 23.60% fibo level. From there, it rebounded and moved up again. The current price is $60.21. Also, it is observed on the chart that the price showed some activity on every earnings and dividends date. Similarly, the latest dividend was announced on September 5th, and the next one might also boost the price, as seen in previous sessions.
The current stock price of SLB stock might achieve more, there is a possibility for the price to move upwards and make new highs, and probably the next resistance level could be $62 and $65.
On the other hand, if the price breaks below the $60 significant support level, it might fall toward $58 and beyond.
At the time of publishing, Schlumberger Limited. (NYSE: SLB) is trading above the 20, and 50 EMA. RSI is around 64, turned bullish as it took 14 SMA support and MACD gave a bullish crossover on the charts.
Summary
The SLB stock price has risen slightly above $60 to regain bullish momentum which is it’s annual high to potentially boost upwards more buying power is needed. Technical parameters for SLB also support the increase in bullish momentum. Schlumberger Limited. (NYSE: SLB) stock prices are bullish on the 1-D time frame as indicators turned bullish. The traders and investors also suggest positive and buying sentiments.
Technical Levels
Support levels: The nearest support levels for SLB price are $60 and $58.
Resistance levels: The nearest resistance levels for the SLB stock price are $62 and $65.
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
