July 7, 2010
Shares of Halliburton Co (NYSE: HAL) rose almost 3% on Tuesday, July 6, and may have higher highs ahead.
Halliburton has been moving higher since reaching correction lows at $21.20 on June 1. But the advance has been very volatile.
Halliburton reached its 50-day moving average intra-day on Tuesday, and pulled back. That level, at $27.00 a share, looks like strong resistance.
Halliburton has made a couple of attempts to push up to this level in recent weeks and failed. A close above $27.00 would constitute a breakout and since the current trend is to the upside, it would likely result in considerably higher highs.
Halliburton could quickly run to $29.82, the 61.8% retracement of the entire April to May correction. This would be an 11% gain from the point of breakout.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Disclosure: no positions