Wednesday Analysis

The market didn't really change that much yesterday so the Tuesday analysis is still in place which either way it goes will have large implications on securities in general

HAL while I have been Bearish about Halliburton in the past week I think that I have actually changed my tune a little bit here. Here's the chart:

So as can be seen the OBV has been trending up the whole time for over a year and a half which is tending toward a bullish breakout. Furthermore the MACD just turned positive over the zero line and still has a ways to go so that it can really become bullish. Also, the RSI has gotten close to becoming oversold but it hasn't pushed over the 70 mark yet so it obviously has some up leg to go.

Again though there still seems to be a lot of resistance at 42. My guess is that it will bounce off of the resistance and then fall back down to the neckline of this inverted head and shoulders pattern (that I feel is kind of weak because of the volume as the volume on the downlegs should have decreased with each trough). If the neckline stays in tact and HAL doesn't close below 40 then that would be a great buying point if it does close below 40 then all bets are off and I think that it'll be going lower.