The initial reaction to Halliburton's (HAL) - Get Reportsecond-quarter results was quite strong. The stock surged 3% in pre-market trading as investors bid up shares. But that bullish action has subsided considerably in the early going and two hours into the session shares are off nearly 4%. HAL is now below last week's low and may be headed lower as overhead pressure grows.

Today's selloff is a sharp reversal from last week's breakout type action. Back on Wednesday the stock appeared headed for a fresh rally leg after taking out a key overhead trend-line with the help of a 3.6% gain. Halliburton has now wiped out that very bullish move and will likely return to the lows as a result. For patient investors a further drift down to the 2017 lows will create a low-risk entry opportunity.

Halliburton is trading just above a major support zone. As the dust settles following today's flush, investors should eye the $42.00 to $40.00 area as a low-risk entry zone. This key area includes the stock's June and July lows near the upper band and the September low at the lower band. On the downside a clear break below $39.00 would indicate more downside may lie ahead. Until the lower band of the support zone is broken, HAL stock bulls should view the current weakness as an opportunity.

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This article is commentary by an independent contributor. At the time of publication, the author had a long position in HAL.