HAL closes higher for the 6th day in a row
Halliburton Company (HAL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, HAL ended Thursday at 7.05 gaining $0.28 (4.14%), significantly underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (HAL as at Mar 26, 2020):
Thursday's trading range has been $1.02 (14.83%), that's slightly below the last trading month's daily average range of $1.10. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HAL.
Unable to break through the key technical resistance level at 7.68 (R1), the share closed below it after spiking up to 7.77 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on March 2nd, HAL lost -7.38% on the following trading day.
Though Halliburton is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Halliburton. Out of 13 times, HAL closed higher 69.23% 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 61.54% with an average market move of 1.48%.