Halliburton Company (NYSE:HAL) was primed for a monster breakout on the stock chart today. The stock chart had a perfect bull flag setup, it just needed catalyst. Then it happened. Overnight, non-OPEC oil producing nations announced a cut in production. Oil surged dramatically going into today's action. This seemed like a perfect catalyst for a massive breakout. Halliburton Company jumped at the open....
Within 10 minutes, the stock had topped. Then Halliburton Company (NYSE:HAL) slowly sold off the rest of the day. This is insanely brearish not only for the constant institutional selling all day long, but because it is a failed breakout and the resulting candle on the daily stock chart is a topping tail. Topping tails are reversal signals, extremely bearish.
Expect a pull back on Halliburton Company to a target price of $48.00 in the next month.