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Schlumberger (SLB) Recently Broke Out Above the 20-Day Moving Average

·1-min read

Schlumberger (SLB) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, SLB broke through the 20-day moving average, which suggests a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.

Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

Over the past four weeks, SLB has gained 6.9%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

The bullish case only gets stronger once investors take into account SLB's positive earnings estimate revisions. There have been 8 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on SLB for more gains in the near future.


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