Oilfield service giant Halliburton (HAL) continues to trend upward within the Green Favored Zone of the SIA S&P 500 Index Report. The shares finished yesterday in 60th place, up 12 spots on the day and up 129 spots over a month.
Back in the autumn, Halliburton (HAL) shares snapped a downtrend line to signal the start of a new recovery trend, then consolidated for a few months in the $17.25 to $22.25 area. Yesterday, the shares broke out to the upside, completing a bullish Ascending Triangle base to signal the start of a new upleg.
Next potential upside resistance tests appear near $25.00 and $30.00 based on round numbers, $27.25 and $32.25 based on measured moves and $31.00 based on previous resistance. Initial support appears near the $20.00 round number.
Halliburton (HAL) started March with a breakout to the upside which completed a bullish Double Top pattern, signaling the start of a new upleg and confirming that the shares have snapped out of a downtrend and embarked on a recovery trend.
Initial upside resistance appears near $25.10 where a horizontal count, round number and previous high cluster, followed by the $27.20 to $28.30 zone where two vertical counts and a previous column low cluster. Initial support appears near $21.00 based on a 3-box reversal.
With a bullish SMAX score of 8, HAL is exhibiting near-term strength against the asset classes.
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