HAL breaks back above 20-day moving average
Halliburton Company (HAL) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HAL finished Wednesday at 31.40 gaining $0.56 (1.82%), notably outperforming the S&P 500 (0.3%). Closing above Tuesday's high at 31.35, the market confirmed its breakout through the prior session high after trading up to $0.33 above it intraday.
Daily Candlestick Chart (HAL as at Feb 13, 2019):
Wednesday's trading range has been $0.87 (2.8%), that's slightly below the last trading month's daily average range of $0.92. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for HAL.
The share managed to close back above the 20-day moving average at 31.27 for the first time since February 6th. When this moving average was crossed above the last time on January 4th, HAL gained 1.41% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 32.35 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 30.79 where further sell stops could get triggered. With prices trading close to this year's high at 32.42, upside momentum might accelerate should the stock be able to break out to new highs for the year. Trading close to December's high at 33.11 we could see further upside momentum if potential buy stops at the level get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Halliburton. Out of 135 times, HAL closed higher 60.74% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.78% with an average market move of 1.17%.