Moving averages was left out to avoid complication of analysis.
Schlumberger is in a decade-term uptrend channel since 1988. Ever since the top at 110 in July 2008, the price has been in consolidation triangle form until Sept 2013 when price broke out convincingly.
However, the historical price of 110 was too much of a resistance, after a false broke up, June-July 2014 gave a dark cloud which resulted in 3 consecutive selling month.
It remains to be seen whether when Oct is completed, RSI uptrend line would be able to provide the support (Blue region), in case support is strong and uptrend continues, major upside resistance is still between 110-116
If support isn't strong, and price closed below the trend line, then ultimately the price might drop to 74, which i will have to use daily to assess the congruency with separate post.
Schlumberger is in a decade-term uptrend channel since 1988. Ever since the top at 110 in July 2008, the price has been in consolidation triangle form until Sept 2013 when price broke out convincingly.
However, the historical price of 110 was too much of a resistance, after a false broke up, June-July 2014 gave a dark cloud which resulted in 3 consecutive selling month.
It remains to be seen whether when Oct is completed, RSI uptrend line would be able to provide the support (Blue region), in case support is strong and uptrend continues, major upside resistance is still between 110-116
If support isn't strong, and price closed below the trend line, then ultimately the price might drop to 74, which i will have to use daily to assess the congruency with separate post.
