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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Halliburton (NYSE:HAL) based on the price action in the company's shares. Today's price range of $38.82 and $39.22 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. Traders and investors interested in shares of Halliburton may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Halliburton share prices have moved between a 52-week high of $50.20 and a 52-week low of $27.64 and are now trading 41% above that low price at $38.89 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.9%.

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.

Halliburton has overhead space with shares priced $38.89, or 16.3% below the average consensus analyst 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 is monitoring the recent change of momentum in Halliburton. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Halliburton in search of a potential trend change.

Keywords: bullish inside day candle Halliburton

Ticker(s): HAL