NYSE:HAL may be ready to breakout.

HALLIBURTON CO (NYSE:HAL) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:HAL.

Technical analysis of NYSE:HAL

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 8 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.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that HAL is one of the better performing stocks in the market, outperforming 90% of all stocks.
• HAL is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so HAL is lagging the market slightly.
• HAL is an average performer in the Energy Equipment & Services industry, it outperforms 56% of 67 stocks in the same industry.
• In the last month HAL has a been trading in the 37.69 - 41.08 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of HAL

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 9:

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. There is a resistance zone just above the current price starting at 40.50. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 38.77, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for HAL in the last couple of days, which is a good sign.

Trading setups like NYSE:HAL

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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.