HAL breaks above critical technical indicator


IDuring Thursday’s trading, shares of Halliburton Company (ticker: HAL) entered oversold territory, changing hands as low as $26.32 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered oversold if the RSI reading falls below 30.

In the case of Halliburton Company, the RSI reading reached 29.3 – in comparison, the universe of energy stocks covered by the Energy Stock Channel currently has an average RSI of 38.2, the WTI Crude Oil RSI is at 33 .7, the RSI of Henry Hub Natural Gas is currently at 48.2 and the RSI 3-2-1 Crack Spread is at 41.5. A bullish investor might take the 29.3 reading of HAL as a sign that the recent selloff is running out of steam and starting to look for entry point opportunities on the buy side.

Looking at a one-year performance chart (below), HAL’s low point in its 52-week range is $17.818 per share, with $43.99 as its 52-week high – compare with a last transaction of $27.03. Halliburton Company shares are currently trading around 4.5% lower on the day.

The above HAL RSI information comes from TechnicalAnalysisChannel.com

Click here for the other 9 oversold energy stocks you need to know »

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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