Schlumberger Is Finally Showing Some Positives

Schlumberger Ltd. (SLB) is starting to possibly build a base pattern. It has been a long time coming but we are seeing some positive developments. Inch by inch, step by step.

In this daily bar chart of SLB, below, we can see that SLB has not made a lower low for a week or so. Prices have actually rallied to close above the declining 50-day moving average line. You have to look closely but it looks like the daily On-Balance-Volume (OBV) line is showing a slight upward trend. A rising OBV line tells us that buyers of SLB have become more aggressive with heavier volume being traded on days when SLB has closed higher. In the bottom panel the trend-following Moving Average Convergence Divergence (MACD) oscillator has crossed to the upside for a cover shorts buy signal....113 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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