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has certainly had its share of problems over the last couple of years. Even though its earnings and fundamentals are very good, it has lagged most of the stocks in the oil and gas service sector. However, the recent strength of the stock may mean that that scenario is in the beginning stages of changing.
Halliburton has glided under a declining 200-day moving average for the last 10 months. That changed in early April when it finally broke above that resistance and held above it. It has now spent a few days consolidating above the 50-day moving average and looks like it may be ready to challenge the current resistance of $33-$34.
If the stock can break above those levels, it may have a good chance to make it to the next major resistance areas between $38 and $40. A breakdown below $31 would probably lead to another leg down.
(Please see chart below.)
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At time of publication, Manning had no positions in the stocks mentioned, although holdings can change at any time.
Mark Manning, AAMS, is an Accredited Asset Management Specialist and Registered Investment Advisor with Butler, Wick & Co., where he specializes in wealth management. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Manning appreciates your feedback;
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