Halliburton Will Soon Reach Major Support

Halliburton (HAL) is under pressure again today after dropping over 3% yesterday during the crude oil breakdown.

The stock opened with its second straight downside gap as it extends the pullback from the January peak to 10%. For patient HAL investors this steep six-week sell off will soon produce a very low risk entry opportunity.

Back on Nov. 30, the energy sector received a powerful jolt from news of OPEC production cuts. HAL staged a powerful breakout that day, after leaving behind a huge upside gap that lifted the stock to new 52-week highs. The stock went on to reach higher monthly highs in December and again in January before the momentum began to fade in late January. Ahead of Wednesday's sector-wide flush, HAL remained well above support, despite leaving behind a rather ominous top in January. This orderly pullback gave way to a fresh downleg at yesterday's open. ...91 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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