Halliburton Co. (HAL) services the energy industry. In our March 18 review, we wrote that "Traders could probe the long side of HAL in the $35-$34 area. Risk to $31. The $42 area is our first price target with $58 longer-term."
Prices reached our $42 price target in April and have since made a correction, while staying above our stop recommendation. 
Let's review the charts again.
In this updated daily bar chart of HAL, below, we can see the rally into April followed by a correction below the 50-day average line but now back above it. Trading volume declined on the pullback and old-time chart watchers like that development while the math-driven On-Balance-Volume (OBV) line has actually risen this month to a new high. The new high in the OBV line is foreshadowing a new price high I believe. The Moving Average Convergence Divergence (MACD) fell below the zero-line for a sell signal but has quickly reversed that earlier signal. The oscillator is bullish now.
In this weekly Japanese candlestick chart of HAL, below, we see a positive picture. Prices are in a longer-term uptrend as they trade above the rising 40-week moving average line. The latest candles show a bottom reversal pattern. The weekly OBV line has been rising for more than two years and suggests we will see higher prices in the weeks ahead. The MACD oscillator has crossed to the downside for a take-profit signal, but remains well above the zero-line.
In this daily Point and Figure chart of HAL, below, we can see a new upside price target in the $47 area.
In this weekly Point and Figure chart of HAL, below, we see a price target in the $54 area.
Bottom line strategy: Traders who are long HAL should continue to hold those positions and can add to longs at current levels. Risk to $33 now. $47 is our first price target with $54 after that.
