HAL dominated by bulls lifting the market higher throughout the day
Halliburton Company (HAL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HAL finished the month 10.47% higher at 12.98 after gaining $0.56 (4.51%) today, strongly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 12.56, the market confirmed its breakout through the previous session high after trading up to $0.60 above it intraday.
Daily Candlestick Chart (HAL as at Jun 30, 2020):
Tuesday's trading range has been $1.04 (8.48%), that's above the last trading month's daily average range of $0.83. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HAL.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 13.31 (R1).
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the close-by swing high at 13.25 where further buy stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Halliburton. Out of 400 times, HAL closed higher 50.25% 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 58.00% with an average market move of 1.05%.