Halliburton (HAL) has had its ups and downs over the years but the current upswing could take us within striking distance of its 2014 zenith.
In this daily chart of HAL, below, we can see how prices have doubled from the twin lows in January and February around $28. Positively sloped moving averages (50-day and 200-day) have been defining the uptrend and the On-Balance-Volume (OBV) line has made a new high with prices last month. The Moving Average Convergence Divergence (MACD) oscillator has been above the zero line in a bullish mode for much of the year and is close to a fresh buy signal.
This three-year weekly chart of HAL, below, is extremely bullish looking if you draw a horizontal line across $50 -- now your eyes should be able to see a large two-year base with a breakout over the neckline at $50. Taking the distance from the neckline to the bottom of "head" around $30 gives us a longer-term target of $70. With the OBV line and the MACD oscillator pointing upward we should see our price target in the next few months.
This Point and Figure chart of HAL, below, comes up with the same price target of $70 by counting the width of the base pattern instead of the height. Interesting.