Potential Downside in Halliburton
Oil-field servicer Halliburton has been dropping since late January, and now the bears could be looking for another move lower.
The first pattern on today’s chart is the tight consolidation pattern since energy stocks rallied on April 3. (Following the unexpected OPEC+ production cuts.) HAL was unable to get above $34.80 while attempting to make higher lows. The result was a triangle that resolved to the downside.
Second, the 50-day simple moving average (SMA) is nearing a potential “death cross” under the 200-day SMA. (Marked in red and green.)
Third, prices stalled around 43 in June and January. That resistance level could now be viewed as a double top.
Finally, the lower study features our 2 MA Ratio custom script. It flipped negative yesterday as the 8-day exponential moving average (EMA) slid below the 21-day EMA, a potential sign of the short-term trend turning bearish.
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the tight consolidation pattern since energy stocks rallied on April 3. (Following the unexpected OPEC+ production cuts.) HAL was unable to get above $34.80 while attempting to make higher lows. The result was a triangle that resolved to the downside.
Second, the 50-day simple moving average (SMA) is nearing a potential “death cross” under the 200-day SMA. (Marked in red and green.)
Third, prices stalled around 43 in June and January. That resistance level could now be viewed as a double top.
Finally, the lower study features our 2 MA Ratio custom script. It flipped negative yesterday as the 8-day exponential moving average (EMA) slid below the 21-day EMA, a potential sign of the short-term trend turning bearish.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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