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Strategies & Market Trends : Point and Figure Charting
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To: Smooth Drive who wrote (12093)1/2/1999 11:31:00 AM
From: Bwe  Read Replies (1) of 34809
 
Happy New Year to one and all. My fondest wishes for good health and god's blessings for each and every reader and contributor to the best message board anywhere.

I did some work p&f work on Halliburton (HAL) this morning and I repost my work here for those with an interest in the oil patch.

HAL is having a difficult time staying above it's "unofficial" Bullish Support Line (BSL), now at $30. The stock has been able to stay above this important trendline since October, but is struggling to do so now.
To break the short-term downtrend from the July $45 high, HAL needs to move to $35. This would give the stock a bullish Triple Top buy signal and would break the Revised Bearish Resistance Line (RBRL) in the process. The stock's primary resistance line, the Bearish Resistance Line, the chart's "official" trendline, drawn from the May $57 high, is now at $40. This BRL has remained unchallenged since it's inception and a break of the RBRL would go a long way toward reversing the stock's downtrend.
The current downside objective for HAL is $23 and would be a worst case scenario. Further support by way of a Bearish Support Line (bsl) is at $26. The way I see it, the key to the stock's short term trend is it's ability to break the RBRL, and hold above the BSL.

Important MA's:
10 week MA: $32.77
30 wk MA: $34.28

As you can see from the MA's, HAL's ability to make it to $35 is of major importance.

Take care,
Bruce
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