HAL unable to break through key resistance level
Halliburton Company (HAL) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HAL ended the month 10.4% higher at 14.33 after losing $0.34 (-2.32%) today, strongly underperforming the S&P 500 (0.77%). Trading $0.18 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Tuesday, HAL actually gained 2.87% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (HAL as at Jul 31, 2020):
Friday's trading range has been $0.48 (3.33%), that's slightly below the last trading month's daily average range of $0.56. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HAL.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Unable to break through the key technical resistance level at 14.48 (R1), the share closed below it after spiking up to 14.58 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Halliburton. Out of 214 times, HAL closed higher 51.87% 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 56.54% with an average market move of 0.61%.