Halliburton Getting Heavy
Halliburton's (HAL) powerful January run appears to be losing steam. The stock has surged more than 20% from its Dec. 31 low, a move that has pushed shares past key monthly highs in the process. After a brief rest near the September peak late last week, Halliburton exploded to the upside on its heaviest positive trade for more than a year. The news-inspired breakout began with a huge gap-up open that lifted the stock past heavy resistance near last year's high. The stock has remained well-bid this week, but shares are beginning to send signals that a much-deserved pullback is on the way.Halliburton (HAL) -- Daily Source: TradeStation View Chart » View in New Window »
I expect Halliburton to have difficulty moving past the $41 area in the near term. Back in 2011, the stock left behind key weekly highs as the massive collapse off the July highs continued. The stock has also become overbought of late. The current bull run began back in September, after Halliburton found support near $30. At this week's highs, shares have rallied 35% without much in the way of a pullback. This impressive 10-week run is due for a rest....101 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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