Higher Highs for Halliburton Co (NYSE:
HAL) Says Market Timer Frank Kollar
July 7, 2010 (FinancialWire) (By Frank Kollar)
Shares of Halliburton Co (NYSE: HAL) rose almost 3% on
Tuesday, July 6, and may have higher highs ahead.
Halliburton has been moving higher since reaching correction
lows at $21.20 on June 1. But the advance has been very
volatile.
Halliburton reached its 50-day moving average intra-day
on Tuesday, and pulled back. That level, at $27.00 a share,
looks like strong resistance.
Halliburton has made a couple of attempts to push up to
this level in recent weeks and failed. A close above $27.00
would constitute a breakout and since the current trend
is to the upside, it would likely result in considerably
higher highs.
Halliburton could quickly run to $29.82, the 61.8% retracement
of the entire April to May correction. This would be an
11% gain from the point of breakout.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com)
which offers market timing strategies for S&P and
Nasdaq index fund traders, as well as bond, gold, small
cap, sector, ETF and stock trading strategies.
Kollar’s research has shown
that the financial markets are in tradable trends approximately
80 percent of the time. FibTimer strategies define trends
and trade them in both advancing and declining markets.
Caring nothing about what newscasters say or what the
latest economic indicator predicts, trends are where
the profits are, and that is where FibTimer is.
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