Good technical signals and a possible breakout for HALLIBURTON CO.

Our stock screener has spotted HALLIBURTON CO (NYSE:HAL) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:HAL.

What is the technical picture of NYSE:HAL telling us.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 9 out of 10 to HAL. Both in the recent history as in the last year, HAL has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, HAL did better than 94% of all other stocks.
• HAL is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so HAL slightly outperforms the market at the moment.
• HAL is part of the Energy Equipment & Services industry. There are 91 other stocks in this industry, HAL did better than 62% of them.
• In the last month HAL has a been trading in the 36.68 - 43.42 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

How does the Setup look for NYSE:HAL

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:HAL this score is currently 8:

Besides having an excellent technical rating, HAL also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 42.67. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 40.68, a Stop Loss order could be placed below this zone.

How can NYSE:HAL be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:HAL and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.