Will HALLIBURTON CO breakout?

HALLIBURTON CO (NYSE:HAL) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:HAL.

Zooming in on the technicals.

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

Overall HAL gets a technical rating of 9 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, HAL is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, HAL did better than 90% 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 an average performer in the Energy Equipment & Services industry, it outperforms 54% of 92 stocks in the same industry.
• In the last month HAL has a been trading in the 36.89 - 43.42 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Looking at the Setup

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:

HAL has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. 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 to trade NYSE:HAL?

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.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

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