Finally bought SLB today at $56.06 as markets seem to be optimistic on an economic recovery already, and to anticipate that optimism, I placed some positions on SLB today as the charts also confirms its bullishness. While oil service pricing is falling in US and Canada, due to an overbuilt on land-drilling market. It seems like international oil-exploration markets appear to have better potential going forward. SLB has a wide range of product and service offerings on top of a diverse geographic footprint with less exposure to North America.
Technically
SLB has broken through the former resistance at 54.05. The bearish down trend line has also been broken around the $44.65 level setting forth for a new direction (preferably bullish). Stop loss placed 3% below the 54.05 level at $52.40.
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