Halliburton Co. - January 13, 2022
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.
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