Is Halliburton Trade Over?

Published on Friday, 27 January 2012 04:48 Written by Christopher Lynn

New York, January 27th (TradersHuddle.com) - Shares of Halliburton Company (NYSE:HAL) ended the trading session lower by $0.25 or -0.69% from its previous close. Halliburton's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Halliburton Company (NYSE:HAL) is an energy services company. It offers services and products and integrated solutions to customers around the world involved in the exploration, development, and production of oil and natural gas.

Halliburton's current stock range is defined by calculated support defined at $33.64 and by the resistance level at $37.00, which should be used by traders planning their trades.

Traders wanting to establish a position in Halliburton stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Halliburton shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: