Halliburton Close to Resistance

Published on Friday, 27 January 2012 08:24 Written by TradersHuddle Staff

New York, January 27th (TradersHuddle.com) - Shares of Halliburton Company (NYSE:HAL) are trading very close to calculated resistance at $37.00 with the current price action closing at just $36.16 placing the stock near levels that make it difficult to buy.

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 current calculated support defined at $33.64 and by the resistance level at $37.00, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Halliburton, as the stock is well above support, however, as the stock pulls back towards $33.64 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $37.00 then traders will get an opportunity to enter Halliburton stock by establishing a position as the stock moves to a higher range.