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Halliburton (HAL) Recently Broke Out Above the 20-Day Moving Average

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After reaching an important support level, Halliburton (HAL - Free Report) could be a good stock pick from a technical perspective. HAL surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Over the past four weeks, HAL has gained 8.2%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

Looking at HAL's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 7 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

Investors should think about putting HAL on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.


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