With crude oil and natural gas prices on the rise again, and winter drilling season underway, oilfield service companies have been attracting renewed interest from investors. Halliburton (HAL) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time in two months, bouncing back from a drop into the red zone. Yesterday, HAL finished in 78th place, up 16 spots on the day and up 206 positions in the last month.
A major breakout is underway in Halliburton (HAL) shares. Following a 2020 selloff and recovery, HAL spent most of 2021 trending essentially sideways. This month, the shares have rallied to a new 52-week high, completed a bullish Ascending Triangle pattern, and decisively cleared their early 2020 peak, confirming that a new upward trend has commenced.
Initial upside resistance appears near the $30.00 round number, followed by $32.25, $34.00, $38.00 and $39.50 on trend based on measured moves from recent trading ranges. Initial support appears at the 50-day moving average near $25.50.
Through a series of upswings and downswings over the last year, Halliburton (HAL) has remained in an upward trend of higher highs and mostly higher lows. This week, the shares have broken out to a new high, clearing $26.50 to complete a bullish Spread Double Top pattern, and confirms that the rally up off of the December correction low near $21.50 continues.
Horizontal and vertical counts suggest potential upside resistance tests near $31.60, $33.55, and the $37.75-$38.50 area. Initial support appears near $24.90 based on a 3-box reversal.
With a perfect SMAX score of 10, HAL is exhibiting strength across the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.