Halliburton is overpriced and it was even suspected that it would trend towards that in the last $HAL update.
As it nears the pivot points illustrated in the chart, it will continue to find new RESISTANCE lines it cannot cross. One such line is the former trade channel during Halliburton's last big bull run (when the whole market was, to be clearer still). With the shutdowns still looming as a possibility, traders find it hard to place confidence in $USOIL at various points in the 49-50/s range, with a 49.88 point being a huge pivot.
A long put will be placed on HAL when a few more confirmation signals arise.
THX,
BDR
As it nears the pivot points illustrated in the chart, it will continue to find new RESISTANCE lines it cannot cross. One such line is the former trade channel during Halliburton's last big bull run (when the whole market was, to be clearer still). With the shutdowns still looming as a possibility, traders find it hard to place confidence in $USOIL at various points in the 49-50/s range, with a 49.88 point being a huge pivot.
A long put will be placed on HAL when a few more confirmation signals arise.
THX,
BDR