Halliburton (HAL) has doubled in the past 12 months, but the gains are not over. The charts of HAL are on a sound footing and pointed higher. Let's examine them a little closer.
In this daily chart of HAL, below, we can see that HAL has traveled from just $28 back in the early days of 2016 to around $56 this first month of 2017. HAL is above the rising 50-day simple moving average line and the slower to react 200-day moving average line.
The On-Balance-Volume (OBV) has been rising the past year and shows that buyers of HAL have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator has been in a bullish mode for most of the past year - above the zero line. The MACD oscillator has weakened since early December as HAL corrected its gains, but it now looks ready to move higher again.
This weekly chart of HAL, above, is pointed to the upside. Prices are above the rising 40-week moving average line. The weekly OBV line is bullish as is the MACD oscillator on this longer time frame. Bottom line: HAL looks like it is headed to the $65-$70 area (see the chart below) while a decline below $51 would weaken the short-term outlook.