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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. Yesterday's price range of $47.58 and $48.26 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. 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 (NYSE:HAL) has potential upside of 35.1% based on a current price of $47.69 and analysts' consensus price target of $64.41. 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.

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, shares of Halliburton have traded between a low of $27.64 and a high of $58.78 and closed yesterday at $47.69, which is 73% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Halliburton on February 24th, 2017 by issuing a Downtrend alert when the shares were trading at $52.67. Since that call, shares of Halliburton have fallen 10.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Halliburton

Ticker(s): HAL