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Fan Yang

Halliburton (HAL) Slides to 50 After Confirming Price Top

Recently, we observed a price top in Halliburton. More specifically, we saw a head and shoulders pattern completed. Then we also saw price rally and test this price top. It looked like the market was respecting the price top and thus we thought a bearish swing was pending

Halliburton (HAL) 4H Chart

(click to enlarge)

First Target Acquired, Next Around 47:
- During the 3/9 session, price came down to the 50.00 area. 
- In the previous assessment, we noted that the 50 area would be the first key area to monitor for support. 
- I think we can expect some consolidation or a rebound from 50.
- However if the market is still bearish, we should see resistance around 53. 
- If the current bearish correction has legs, we might look for further downside towards the 46.60-47 pivot area (resistance of a range throughout mid-2016). 

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