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Schlumberger (SLB) Just Reclaimed the 50-Day Moving Average

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From a technical perspective, Schlumberger (SLB - Free Report) is looking like an interesting pick, as it just reached a key level of support. SLB recently overtook the 50-day moving average, and this suggests a short-term bullish trend.

The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.

Moving Average Chart for SLB

Over the past four weeks, SLB has gained 9.1%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even 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.


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