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Possible Bearish Inside Day Candle Pattern Detected for Halliburton Co (NYSE:HAL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Halliburton Co (NYSE:HAL) based on the price action in the company's shares. Yesterday's price range of $30.04 and $30.78 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Halliburton Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Halliburton Company provides energy and engineering and construction services, as well as manufactures products for the energy industry. The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

Potential upside of 99.5% exists for Halliburton Co, based on a current level of $30.26 and analysts' average consensus price target of $60.37. Halliburton Co shares should first meet resistance at the 50-day moving average (MA) of $30.80 and find additional resistance at the 200-day MA of $41.22.

Over the past year, Halliburton Co has traded in a range of $24.70 to $57.86 and closed yesterday at $30.26, 23% above that low. The 200-day and 50-day moving averages have moved 1.01% lower and 1.56% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Halliburton Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Halliburton Co in search of a potential trend change.

Keywords: bearish am inside day candle halliburton co

Ticker(s): HAL