Bearish DailyPlay for Friday April 7th, 2017 – Halliburton (HAL)
The bearish DailyPlay we chose for Friday April 7th is Halliburton (HAL). HAL is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 2.02% move higher and its 1m trend has turned mildly bullish today however its 6m trend remains bearish and testing its $71 resistance level now.
Halliburton’s 1m and 6m trends turned bearish on 3/14 and recently bounced lower off its $51 resistance level on high volume. With a technical score of 5 (out of 10), HAL is a bearish stock that looks to continue lower.
As a stop loss, if HAL was to trade above $51 for multiple days, this would invalidate our analysis and suggest getting out of the trade.