HAL is breaking out of a 6 - week bottoming base with nice contraction in volatility prior to the breakout. Also important to note that it is reclaiming its 50-day line.
Short term target is the 50% retracement of its June decline.
$HAL Breakout in 4h Chart on above average volume after consolidation phase - Target 51$
All Entry Criteria have been met:
1. Price above 10, 20 & 50 EMA --> Check
2. Consolidation Phase in Uptrend --> Check
3. Breakout on above average Volume --> Check
HAL is showing incredible strength, with a cluster of RS before new highs and even after a day of significant selling, price still held the short term uptrend that also forms the handle in this cup and handle pattern. Over $42.60 and this stock sees new ATHs with just over a month to go before earnings; HAL has done well on the last 4 earnings and in this current...
$HAL showing a weak cup and handle (low volume on the lows of the cup, and an upward wedging on the lows with regard to the handle). Would've preferred a shakeout on the handle, but instead, we are getting a rising wedge and low volume at the pivot point. Tightening volume at the handle is good, but once it reaches the breakout point, either the breakout is...
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The PEAD projected a Bullish outlook for $HAL after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 66.67%.
Halliburton has broken a 8 year downtrend and it looks like it can continue to go higher. Solid earnings report yesterday and the global demand for oil is strong amid sanctions on Russian oil. With a forward PE of around 23.58 and a dividend of 1.15%, this is exactly what the smart money wants right now.
I have been positioning into this for a long term...
Looking for further downside as per my prior communications. Sector has been strong but cannot remain overbought forever. This is just simply how the market works.
HAL busted out of the gate with the energy sector and put it into high gear after earnings. Is moving sideways. With a bearish horizon on oil and energy possible lets keep an eye on the red support and resistance from 2019 and see if an opportunity presents itself. For now, moving sideways. Close or a break of lower flag area means time to look at the option chain...
Breakout Resistance, became support.
Entry 25.4
Stop 24
Target 32
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
