HAL breaks below Thursday's low
Halliburton Company (HAL) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
HAL finished the week 18.02% higher at 11.59 after losing $0.39 (-3.26%) today on low volume, strongly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 11.75, Halliburton confirmed its breakout through the prior session low after trading up to $0.28 below it intraday.
Daily Candlestick Chart (HAL as at May 22, 2020):
Friday's trading range has been $0.48 (4.05%), that's below the last trading month's daily average range of $0.69. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HAL.
Three candlestick patterns are matching today's price action, the Bearish Short Candle, the Black Candle and the Evening Doji Star which are known as bearish patterns. The last time a Bearish Short Candle showed up on Tuesday, HAL actually gained 7.17% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the close-by swing high at 12.21 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Evening Doji Star" stand out. Its common bearish interpretation has been confirmed for Halliburton. Out of 4 times, HAL closed lower 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 50.00% with an average market move of -5.46%.