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.

Today’s Yesterday's strength in Ford (F) has hurdled key near-term resistance at 12.95, which triggered additional buying (short covering too?) that has propelled the stock to an intraday high at 13.30 so far. To the extent that F can hold and extend its early gains, my next immediate target is 13.45/55. However, if in fact the April 8 low represented the end of a correction off of the March 18 high at 14.54, then the current upmove also represents the start of a new upleg that should revisit the March high on the way to 15.25/50 thereafter. Only a decline that breaks back beneath 12.95 on a sustained basis will compromise my current outlook.

Originally published on MPTrader.com.