Schlumberger Key Battle, Breakout or Breakdown???
On the Hourly chart SLB is in a short term bull trend (White Diagonal Line), meeting the long term downtrend resistance (Red Diagonal Line). Although WTI seems to be on an uptrend, it does not look like it may have a positive correlation for price for SLB in terms of a swing trade.
Beatish Sentiment:
The RSI has shown oversold and the SMII is down trending, which points to a most probable scenario of a breakdown in the short term swing trade. Should price breakdown below the diagonal white line and below the 100 EMA, an opportunity to enter a short is on the table. The red horizontal lines are support/resistance for price should there be a breakdown.
Bullish Sentiment:
If the price makes a clear break above the long term diagonal red line, then this could be an opportunity to enter a long trade on the breakout.
Eyes will be on SLB for the next 2 days, to see which direction it will take.
Happy Trading :0)
This is not advice to buy or sell, it is only meant for educational perspective.
Beatish Sentiment:
The RSI has shown oversold and the SMII is down trending, which points to a most probable scenario of a breakdown in the short term swing trade. Should price breakdown below the diagonal white line and below the 100 EMA, an opportunity to enter a short is on the table. The red horizontal lines are support/resistance for price should there be a breakdown.
Bullish Sentiment:
If the price makes a clear break above the long term diagonal red line, then this could be an opportunity to enter a long trade on the breakout.
Eyes will be on SLB for the next 2 days, to see which direction it will take.
Happy Trading :0)
This is not advice to buy or sell, it is only meant for educational perspective.
Comment:
Price making Higher lows, with RSI making lower lows, indicates a potential reversal pattern. Keep your eyes open!