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

By James Quinn

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. Today's price range of $7.16 and $7.54 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 Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Halliburton Co has traded in a range of $4.25 to $32.09 and is now at $7.47, 76% above that low. The 200-day and 50-day moving averages have moved 1.22% lower and 7% lower over the past week, respectively.

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.

Halliburton Co has overhead space with shares priced $7.47, or 87.6% below the average consensus analyst price target of $60.37. The stock should find initial resistance at its 50-day moving average (MA) of $11.89 and further resistance at its 200-day MA of $18.92.

SmarTrend is tracking the current trend status for Halliburton Co and will alert subscribers who have HAL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle halliburton co

Ticker(s): HAL