HALLIBURTON CO is setting up nicely for a breakout.

Our stockscreener has identified a possible breakout setup on HALLIBURTON CO (NYSE:HAL). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:HAL for potential opportunities.

Technical Analysis Observations

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Taking everything into account, HAL scores 9 out of 10 in our technical rating. 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.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that HAL is one of the better performing stocks in the market, outperforming 94% of all stocks.
• HAL is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so HAL is performing more or less in line with the market.
• HAL is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• HAL is an average performer in the Energy Equipment & Services industry, it outperforms 65% of 67 stocks in the same industry.

Our latest full technical report of HAL contains the most current technical analsysis.

How does the Setup look for NYSE:HAL

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:HAL currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

HAL has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 39.26, a Stop Loss order could be placed below this zone.

Trading breakout setups.

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order 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.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.