Halliburton Company (NYSE: HAL) is a major US company, which provides various services to the oil and gas industry across the globe. The Halliburton Company offers services such as: stimulation and sand control services, cementing services, well completion products and services, intelligent well completions, service tools, production solutions comprising coiled tubing, hydraulic workover units and downhole tools. Also drilling fluid systems, performance additives, completion fluids, specialized testing equipment, waste management services and much more, what major oil companies require, in order to be able to operate.
The technical picture of the Halliburton Company stock on our 4-hour chart shows that the price is currently knocking on the door of one of its key resistance areas, at 13.17, which marks the current high of October. At the same time, the stock is still balancing above a short-term tentative upside support line, which indicates that HAL has been forming higher lows from the beginning of October. Although the near-term outlook starts to look a bit more positive, we would still prefer to wait for a break and a daily close above that 13.17 barrier first. Hence our somewhat bullish approach for now.
If, eventually, we do see that strong move above the 13.17 hurdle, this will confirm a forthcoming higher high, potentially clearing the path for further advances. The stock could then travel to the 13.81 obstacle, a break of which may help the share price to move towards the 14.35 zone, marked by the low of September 18th. HAL might stall there for a bit, or even correct back down slightly. That said, if it remains somewhere above the 13.17 hurdle, new investors may jump into the action. If so, this could cause another uprise towards the 14.35 area, a break of which might set the stage for a move to the 14.96 level, marked by the high of September 18th.
Both of our indicators, the RSI and the MACD, are pointing slightly to the upside. In addition to that, the RSI remains above 50 and the MACD is above zero and its trigger line. The two oscillators are showing rising upside price momentum, what seems to be in support of the above-discussed scenario.
Alternatively, if the stock fails to stay above the aforementioned upside line and then also slides below the 12.39 zone, marked near the lows of October 13th, 15th and 20th, that may spook new buyers from entering any time soon, as such a move may increase the chances of HAL moving further south. If so, the stock could end up traveling to its next support area between the 11.70 and 11.82 levels, marked by the lows of October 7th and 19th, or to the 11.38 zone, which is the high of October 2nd. But if the fall continues, the next target might be the lowest point of October, at 10.64.
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