Why is SLB stock down today? Support levels to watch

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SLB drops 3.75% to $48.13 today

Highlights

SLB reported adjusted earnings of 55 cents per share for the second quarter, exceeding analyst expectations of 51 cents.
Jing Ulrich joined the Board of Directors and audit committees, expanding SLB's governance capabilities.
Shares of SLB trade below key moving averages and face sustained selling, with an expected range of $46.85 to $50.1 and a 65% probability of downside.

Profit beat and governance changes fail to reverse current pressure

SLB outperformed in the second quarter, reporting adjusted earnings of 55 cents per share, which exceeded analyst expectations of 51 cents according to Energynow. This profit beat, driven by resilient demand across key markets, highlights improved underlying financial strength but has not offset current price weakness. Separately, SLB announced the appointment of Jing Ulrich to its Board of Directors and audit committees as reported by Tradingview, broadening its governance profile though price action has remained under broader selling pressure.

Mixed momentum and resistance cap rebound risk despite intraday buyers

On the h1 chart, SLB is trading below the MA-20 ($49.83) and MA-50 ($49.78), while on the daily timeframe, it remains below the MA-200 ($50.61). The Ichimoku Kijun currently stands at $49.28 and acts as immediate resistance. Momentum signals are mixed: MACD points to strong buy momentum, ADX signals a sell, RSI is at 53.21 (Buy), Stoch RSI is oversold, and CCI is neutral. Intraday, Bull/Bear Power indicates strong buyer activity, but with the Awesome Oscillator neutral, the technical landscape supports a potential intraday rebound while the broader setup stays uncertain.

Sideways trading expected as bearish risk overshadows upside potential

In the near term, SLB is expected to trade within a range of $46.85 to $50.1, reflecting typical volatility bands seen in current conditions. The probability of a move higher is estimated at 35%, while a downward continuation holds a 65% likelihood. The base scenario sees SLB moving sideways within this range, with a bullish breakout scenario triggered by a close above $49.28 and a bearish scenario materializing if support at $46.85 breaks.

Viktoras Karapetjanc, leading analyst at Traders Union, sees SLB’s robust Q2 earnings and board appointment as clear signs of improving fundamentals. He believes the stock’s resilience is underpinned by strong market demand, even as technicals suggest persistent caution. The current downtrend may limit upside, but a breakout above $49.28 could quickly shift sentiment. Tactical patience around $46.85 support is critical short term. "SLB’s positive earnings beat signals long-term strength, and I expect institutional interest to recover once broader selling eases."

Earlier, analysts noted that Schlumberger’s share price had been constrained by persistent downside risks and weak momentum despite some signs of technical recovery. With SLB now showing broad-based selling pressure even after an earnings beat and governance changes, traders should watch for a sustained move above $49.28 or below $46.85 to indicate the next meaningful directional shift.

Source of Data: SLB Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.