SLB (SLB) Technical Analysis — Chart, Levels & News

Signal — short-term technical (daily chart)

The short-term technical horizon (daily chart) reflects a bullish bias with firm upward momentum. Conviction is moderately high, supported by price action holding above key moving averages despite a lack of fresh trigger bars or candlestick patterns on the latest completed bar.

News, Macro & Industry Context

The medium-term narrative tone is bullish, driven by strong quarterly execution and supportive analyst actions. SLB reported Q3 2026 results beating Wall Street's revenue expectations, with sales rising 5.8% year on year to $9.45 billion and non-GAAP profit exceeding consensus by 4.1%. Management attributed growth to international expansion, digital momentum, a robust subsea backlog, and a gradual recovery in the Middle East alongside solid North American performance. Freedom Broker upgraded SLB to Hold from Sell following the earnings beat, establishing a $48.00 price target, while Piper Sandler maintained an Overweight rating and raised its price target from $63 to $65. Separately, Benzinga noted that analysts raised targets for SLB among other firms. In the broader macro and industry environment, elevated oil prices continue to provide a supportive backdrop for oilfield services, even as broader equity markets grapple with rising Treasury yields near the 5% threshold and sector rotation dynamics.

Catalysts

Upcoming catalysts include broader macroeconomic prints, upcoming central bank decisions, and ongoing corporate guidance updates following the heavy earnings reporting week.

Levels & Risk

Support is identified across the FVG zones spanning 51.16-51.75, 49.33-49.92, and 48.40-48.67, alongside the Volume Area Low at 46.33. Resistance stands at the Volume Area High of 53.40 and higher FVG zones up to 55.61. The invalidation level rests below the lower FVG and VAL supports. Risk is framed around potential broad market volatility, interest rate pressures, and commodity price fluctuations.

Technical Breakdown

• WaveTrend: bullish momentum (fast above slow), mid-range
• SMI: bullish (above signal), overbought
• Trend: price above EMA20 (uptrend bias); EMA5 above EMA13 (short-term bullish)
• Triggers: no fresh trigger bars
• Candlestick pattern: none detected on the latest completed bar
• Higher timeframe: no higher-timeframe extreme