Halliburton Co. had a sharp decline from $74.33 to $37.21 (A-B), a recovery rally to $50.20 (C) and then settled into a bullish V-Extended pattern (dashed lines). Recent price action (D) signalled renewed investor interest and the start of a new up-leg. Behaviour indicators, including the 40-week Moving Average (40wMA), confirm the positive status. A minor correction may occur toward $46, but only a decline below ±$42 would be negative. Point & Figure measurements provide targets of $54 and $59. The large V-Extended pattern (dashed lines) supports higher targets.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com