Halliburton (HAL - Get Report) stock closed almost flat on Monday, down 13 basis points, after the company reported its first-quarter earnings. 

Shares initially rallied earlier in the day, but then fell into negative territory before rebounding in the afternoon portion of Monday's trading session. The company reported in-line earnings results of 23 cents per share on a non-GAAP basis, while revenue of $5.74 billion beat estimates by $210 million despite flat year-over-year growth.

However, management said the worst of its pricing declines are over, spurring some optimism among investors. What do investors make of this price action?

Ordinarily, such a tepid response to earnings -- particularly with the stock still 44% below its 52-week highs -- would not be cause for much celebration. But as you'll see on the charts, it's not all bad news for the bulls.

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Trading Halliburton Stock

30-month weekly chart of Halliburton stock.
30-month weekly chart of Halliburton stock.

While Halliburton stock did not posting major gains on the day, it's not really showing much weakness either. This shows indecision among both bulls and bears, and this type of neutral reaction may be a temporary win for investors.

Last month, Halliburton notched a higher low on the weekly chart, but continues to struggle with the $32 level. Further, the 10-week moving average continues to act as support. Ultimately, as long as HAL stock doesn't take out its lows from last month, the stock is still OK on the long side.

A move over $32 is what would really shake things up. Should Halliburton stock close over this level, it could trigger a move up to the $36 level. If its momentum is particularly strong, a run to $38 is possible. This is assuming the 50-week moving average does not act as resistance, but only time will tell if that's the case. 

A break below uptrend support would be discouraging and a fall below $28 would certainly reset the bullish case on Halliburton stock. However, shares continue to hold up for now and should they push through $32, could cause more buyers to pile in. Likewise, aggressive bulls may consider buying on a dip to the 10-week moving average -- such as they did Monday morning -- while more conservative bulls may wait for a pullback into uptrend support. 

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.