Interesting chart on Schlumberger (NYSE: SLB) which you want to be in if and when the price structure starts to lift off of its 4-month base pattern, which projects to 71 and 73 roughly in the days and weeks directly ahead. SLB pushing up against its April 21 high at 68.50, which if hurdled and sustained should trigger continuation towards 70-71 relatively quickly. Keep in mind that earnings should be released tomorrow morning at 6 am ET. My sense from the powerful chart pattern is that SLB will react positively to the report.
Originally published on MPTrader.com.
