Long trade on HAL
Haliburton is setting up in a volatility contraction pattern trying to break out higher. There is supply at the $40 level, so I want to buy on a pullback off that level to create a profit cushion in case it fails there again.
There is also a longer-term cup with handle pattern here with $40 being the top of the handle.
Volume is drying up in the base which hopefully signals supply no longer coming to market and the stock becoming harder to buy. I am taking a small pilot position off the pullback to the 50-day moving average (red line) with a tight stop at 35.20.
The fundamentals looks great with 4 consecutive quarters of big sales and earnings growth. Analysts also predict another 41% increase in EPS for 2023.
There is also a longer-term cup with handle pattern here with $40 being the top of the handle.
Volume is drying up in the base which hopefully signals supply no longer coming to market and the stock becoming harder to buy. I am taking a small pilot position off the pullback to the 50-day moving average (red line) with a tight stop at 35.20.
The fundamentals looks great with 4 consecutive quarters of big sales and earnings growth. Analysts also predict another 41% increase in EPS for 2023.
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