Halliburton Co - (HAL) - November 1, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Oilfield service companies, such as Halliburton (HAL), have come back into favor lately with investors and have been soaring up the relative strength rankings. In the SIA S&P 500 Index Report, for example, Halliburton has soared 290 positions in the last month to 36th place, driving up out of the red zone and back into the Green Favored Zone.

Halliburton (HAL) shares have come under renewed accumulation in the last month. Kicking off with a breakaway gap, Halliburton has snapped a downtrend line, regained its 50-day average and established an upward trend of higher lows. A recent rally up from $30.00 has started to consolidate in the $35.00 to $37.50 area.

A breakout over $37.50 would signal the start of a new upleg with next potential resistance near the $40.00 round number, then the June peak near $43.75 and a measured $44.50. Initial support appears near $35.00 then the bottom of an old gap near $34.00.

 

Back in September, a summer selloff in Halliburton (HAL) shares bottomed out at a higher low near $24.00. Since then, the shares have been under renewed accumulation, climbing about 50% back up above $36.00 without even a 3-box correction along the way. The current advance has completed bullish Double Top and Spread Double Top breakouts, and extended into a bullish High Pole.

Next potential upside resistance tests on trend appear near $40.45,based on a horizontal count, then $42.95, a retest of the June peak. Initial support appears near $33.15 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.

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