In the case of SLB Ltd, the RSI reading has hit 27.6 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 43.9, the RSI of WTI Crude Oil is at 24.3, the RSI of Henry Hub Natural Gas is presently 57.0, and the 3-2-1 Crack Spread RSI is 21.7. A bullish investor could look at SLB's 27.6 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), SLB's low point in its 52 week range is $31.64 per share, with $58.8199 as the 52 week high point — that compares with a last trade of $46.37. SLB Ltd shares are currently trading off about 3% on the day.
The SLB RSI information above was sourced from TechnicalAnalysisChannel.com
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Further SLB Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
