New Upleg for Halliburton
Mid-Day Minute for Tue April 13th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Within the larger Jan-Apr coil pattern that we discussed yesterday in Halliburton (HAL), let’s have a look at the hourly chart from the most recent pivot low (within the coil) at 29.25 from Mar 26. The weight of my technical work is telling me to regard the upmove from Mar 26 at 29.25 to the Apr 6 high at 32.43 as the start of a new upleg that should revisit the Jan high at 34.87. All of the action in HAL since the 32.43 high represents a sideways consolidation that is digesting the 11% upmove. As long as 30.90/60 contains any further weakness within the digestion period, the technical work will remain constructive in anticipation of another upmove that should hurdle the Mar-Apr highs at 32.43-32.83.
