2024 has not been a good year for Oil stocks, SLB suffering more than others. But could the drill, baby, drill mantra from the incoming president change the fortunes of SLB and other drillers?
From a Fibonacci perspective, price has fallen 50% of the last impulse wave, sometimes considered an appropriate correction. On a corrective wave basis, the current move appears to be .618% of wave A. A common move would be C = A, bringing price down to 31. at that price level the overall correction level from the last major impulse move would be .618, Also a possibility.
Should the current market selloff pull this stock any lower, could be worth a pilot position. Unknown how effective Trump's oil policies will be and how oil stocks will be affected. But clearly, the recent correction has brought prices to a reasonable level with a P/E at a low 12 level.
From a Fibonacci perspective, price has fallen 50% of the last impulse wave, sometimes considered an appropriate correction. On a corrective wave basis, the current move appears to be .618% of wave A. A common move would be C = A, bringing price down to 31. at that price level the overall correction level from the last major impulse move would be .618, Also a possibility.
Should the current market selloff pull this stock any lower, could be worth a pilot position. Unknown how effective Trump's oil policies will be and how oil stocks will be affected. But clearly, the recent correction has brought prices to a reasonable level with a P/E at a low 12 level.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.