Possible Bearish Inside Day Candle Pattern Detected for Halliburton (NYSE:HAL)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Halliburton (NYSE:HAL) based on the price action in the company's shares. Today's price range of $46.04 and $46.44 is within yesterday'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 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 services 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.
In the past 52 weeks, Halliburton share prices have been bracketed by a low of $27.64 and a high of $50.20 and are now at $46.18, 67% above that low price. The 200-day and 50-day moving averages have moved 0.01% lower and 1.85% higher over the past week, respectively.
Halliburton (NYSE:HAL) has potential upside of 0.7% based on a current price of $46.18 and analysts' consensus price target of $46.48. Halliburton shares have support at the 50-day moving average (MA) of $36.84 and additional support at the 200-day MA of $36.57.
SmarTrend recommended that subscribers consider buying shares of Halliburton on May 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.97. Since that recommendation, shares of Halliburton have risen 13.4%. We continue to monitor HAL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle Halliburton