Compelling Chart on Schlumberger (SLB)
Mid-Day Minute for Thu April 22nd 2010
by Mike Paulenoff, www.MPTrader.com
Last week we noted we were bullish on Schlumberger (NYSE: SLB) in order to “be there” if and when the price structure started to lift off of its 4-month base pattern, which projects to 71 and 73 roughly in the days and weeks directly ahead. The chart pattern looks even more compelling now, with 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.
by Mike Paulenoff, www.MPTrader.com
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