Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

HAL Bullish Signal

|Includes:Halliburton Company (HAL)

Halliburton Co forms bullish "Continuation Wedge" chart pattern

(04/12/2012 Fidelity.com)

Recognia has detected a "Continuation Wedge (Bullish)" chart pattern formed on Halliburton Co (HAL on NYSE). This bullish signal indicates that the price may rise from the close of 33.18 to the range of 39.00 - 40.50. The pattern formed over 34 days which is roughly the period of time in which the target price range may be achieved.

Halliburton Co has a current support price of 32.77 and a resistance level of 33.77.

A Continuation Wedge (Bullish) is considered a bullish signal, indicating that the current uptrend may continue. Prices edge steadily lower in a converging pattern i.e. there are lower highs and lower lows. The technical event occurs when prices break above the upper trendline, thereby confirming the pattern.

This bullish pattern can be seen on the following chart and was detected by Recognia's proprietary pattern recognition technology.

Stocks: HAL