Tony Zhang breaks down a trade in driller SLB.
As oil prices start to climb again on the back of lower inventories and increasing tensions in the Middle East, energy stocks are back in the spotlight. SLB has been on our radar for some time and its recent underperformance produces an interesting opportunity to gain long exposure with substantial upside potential. SLB has declined nearly 25% since Sept of last year but recently put in a double bottom around $43, which signals a potential end to the bearish trend.
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