Halliburton Makes a Higher Low

BATS:HAL   Halliburton Company
Halliburton has been sliding since mid-October, but there could be signs that the energy-services giant has bottomed.

The first pattern on today’s chart is last week’s bounce around $34, about $1 above the mid-January trough. Such a higher low could indicate that a downtrend is ending.

Second, combined with the price action in the first half of December, a rounded bottom may have formed.

Next, consider how the weekly close on Friday, January 26, surpassed the weekly peaks of late December. Such a higher high could also represent the end of a downtrend.

Fourth, the January low around $33 closely matched a support and breakout area from the end of 2023’s second quarter and the start of its third quarter.

Finally, HAL jumped above its 50-day simple moving average (SMA) three weeks ago. It dipped back below but is now challenging that line again. Is intermediate-term direction changing?

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