Halliburton Finds Support Above the 200-day SMA
Halliburton is one of the more resilient names in the energy sector. It’s up more than 35 percent in the last three months, while the 
SPDR Energy ETF is down more than 7 percent in the same period.
That recent strength has established HAL solidly above its 200-day moving average (SMA) since early August. It’s squeezed into a very tight range as it digests those gains. Notice how Average True Range is back to the lowest levels of the year.
While coronavirus has undeniably hurt the energy sector, the market may now be looking for a turn. Cyclicals like industrials and materials are climbing, along with bond yields. Crude-oil inventories also fell more than expected this week.
In another interesting development, the Baker Hughes Rig Count rose last week for the first time since the beginning of March. This is a key fast-moving indicator for the kind of services HAL provides.
SPDR Energy ETF is down more than 7 percent in the same period.That recent strength has established HAL solidly above its 200-day moving average (SMA) since early August. It’s squeezed into a very tight range as it digests those gains. Notice how Average True Range is back to the lowest levels of the year.
While coronavirus has undeniably hurt the energy sector, the market may now be looking for a turn. Cyclicals like industrials and materials are climbing, along with bond yields. Crude-oil inventories also fell more than expected this week.
In another interesting development, the Baker Hughes Rig Count rose last week for the first time since the beginning of March. This is a key fast-moving indicator for the kind of services HAL provides.
相關出版品
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。