SLB is acting relatively well in the face of declining crude.
I took on a less-than-initial position in SLB, in case it breaks out, but waiting for a decline to the 14 SMA to take on the full 'initial' position.
WTI is seeing a bigger decline today than Brent. Brent is pretty stable today. But Brent should not see a decline below 100. (It may not even go below 105.)
Despite the declining price action in the commodity, the elevated prices is still very bullish with respect to the current equity level of SLB.
NOTE: Just an FYI on the declining use of gasoline in the US. This is what happens to a mature economy that has actively been shifting its major cities to be less car-centric. (ie Portland, NYC are the best examples) This major shift is not a reflection of poor economics, although I understand why established investors who have been using this indicator would think otherwise. But they are wrong, and not paying attention to a huge trend that was in development for the better part of a decade in the US. (This is what is allowing America to be a net exporter of carbon-base fuel to the emerging economies that are still rapidly growing their use of gasoline.)