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Trifecta Stocks

Chart of the Day: Schlumberger

By Chris Versace and Bob Lang | 2018-05-21 14:20:08.0
Stocks in Focus: SLB

As we research for the Trifecta Stocks portfolio we look at hundreds of stocks. While only a few meet our requirements for addition to the portfolio, we come across many interesting technical opportunities in a host of names.

In response to subscribers' requests, we will be sharing a Chart of the Day. While these stocks may not be in the Trifecta portfolio, we hope this technical analysis will provide you with more value. But we are not recommending any investor action.

Given the powerful move in crude over the past couple months, it’s no surprise to see the big surge in shares of leading oil names such as Chevron (CVX:NYSE), Occidental Petroleum (OXY:NYSE), ConocoPhillips (COP:NYSE), Pioneer Natural Resources (PXD:NYSE) and EOG Resources (EOG:NYSE).

Some of the best platform/services names have also benefited, but not nearly as much. Take Schlumberger (SLB:NYSE), the biggest and best of the bunch. On the chart, below, we can see a nice rise since early April, more than 20%, but not even close to the highs reached in January, when crude was far lower.

The technicals on SLB are strong, though. There is solid money flow and a very steep/rising RSI (relative strength index) line, which we like to see. The chart also shows price in the middle of a downtrend and uptrend line, so some sideways action might be next. However, the trend has now shifted up and as long as oil stays buoyant, we believe SLB should rise over the coming months toward $90 and then $100.

DISCLOSURE: Trifecta Stocks has no position in SLB. This Alert is a technical analysis of the company’s chart, and we are not taking any action in the stock at this time.


Chris Versace & Bob Lang
Co-Portfolio Managers, Trifecta Stocks

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