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Schlumberger Setting Up On Long Side? Captain John Digs Into The Charts

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Schlumberger Limited (NYSE: SLB), is the world's largest oilfield services company.

Schlumberger employs approximately 105,000 people representing more than 140 nationalities working in more than 85 countries.

While not immune to the slide in Oil prices, we have noticed the weekly price chart seems to have found trend-line support dating back to 1970. It also appears to be testing some Fibonacci support off of the 2009 lows!

On to the weekly chart.

The Daily chart is also showing some nearby support levels that have so far been able to hold, with some hidden bull divergence (green arrows).

Last but not least, a buy signal was generated from our friends at Bombora Market Models (BomboraMarketModels.com)!

Lets see if these charts can come together for what looks to us as a great risk / reward setup.

This post was originally published at Captain John's Charts.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Long Ideas Technicals Trading Ideas

 

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