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Schlumberger (SLB) Just Reclaimed the 200-Day Moving Average
After reaching an important support level, Schlumberger (SLB - Free Report) could be a good stock pick from a technical perspective. SLB surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
SLB has rallied 9.1% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests SLB could be on the verge of another move higher.
Once investors consider SLB's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 11 higher, and the consensus estimate has increased as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on SLB for more gains in the near future.