Schlumberger Limited (SLB) is a behemoth in the Oil Well Services Industry. This stock has been on a rampage, and for good reason, for some time now. An opportunity to get into this stock on a pullback should be seriously considered.

RSI levels are not as low as we have seen on several other fundamentally sounds stocks, but note that RSI is the lowest its been in six months per the 6-month daily bars chart below.  Also, SLB is touching uptrend line support. Keep in mind the trendline support is not extremely strong considering it has only been successfully tested one time prior to this touch. Volume on the pullback has been average, unlike most of the stocks we have seen drop in the past few days that are seeing very high volume selling pressure.

I'm not completely sold on a long position in SLB at this level.  I do feel bullish about this stock from a fundamental standpoint, but need to see its reaction to this trendline support before proceeding.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.