HAL closes higher for the 3rd day in a row
Halliburton Company (HAL) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HAL finished Wednesday at 15.07 surging $0.63 (4.36%) on high volume, notably outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over a month. Closing above Tuesday's high at 14.64, the market confirmed its breakout through the prior session high after trading up to $0.71 above it intraday.
Daily Candlestick Chart (HAL as at Sep 16, 2020):
Wednesday's trading range has been $0.93 (6.36%), that's far above the last trading month's daily average range of $0.56. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HAL.
The share managed to close back above the 50-day moving average at 14.92 for the first time since September 9th. After spiking up to 15.35 during the day, the stock found resistance at the 200-day moving average at 15.25. The last time this happened on February 4th, HAL actually gained 4.20% on the following trading day.
Though Halliburton is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
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 50" stand out. Its common bullish interpretation has been confirmed for Halliburton. Out of 62 times, HAL closed higher 53.23% 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 58.06% with an average market move of 0.26%.