Halliburton (HAL) spent much of June and early July forming an inverse head and shoulders pattern (bullish). This pattern was triggered in mid-July with a breakout above the neckline around 30 dollars. The measurement of the pattern setup left a target of 34, which was hit today.
However, many “momentum” technical patterns tend to overshoot their initial short-term targets. That said, 35 is lateral resistance and the backtest level for the 3 year broken weekly “closing” trendline (see weekly chart below).
Halliburton (HAL) stock charts with support and resistance levels and trend lines as of August 3, 2012. HAL technical analysis.
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