A New lesson learned today from my purchase of Schlumberger (SLB) today

“ALWAYS CONFIRM WITH THE WEEKLY AND MONTHLY CHART BEFORE ENTERING INTO A POSITION.”

Just placed an entry position at SLB today to find that I have reached a major resistance level on the monthly chart as well as the weekly chart.  It looks like there’s potential for a huge pull back tomorrow after looking at the weekly and the monthly chart.  Must pull out quickly tomorrow morning before things get worst.  Will reassess my entrance after the pull back, it looks like it could form a cup and handle pattern also over the 1 month. 

Purchased Schlumberger (SLB)

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.