HAL -- High Probability Setup

Discussion in 'Stock picks and trading strategies' started by alpha, Jan 10, 2011.

  1. alpha

    alpha New Member

    Folks It does not get any better than this!

    Haliburton is at major resistence and is bottoming out. It is hitting and going to bounce off the major trend line that goes all the way back to 2009. It is hitting resistence at 37.70'ish area, the same area that was a high in Nov-Dec. Not to mention it is bouncing off the 50 EMA.

    Thats 3 support areas. Not to mention that stochastics show it extremely oveberbought. Let today's morning drop be a blessing.

    Good Luck and Happy Trading!



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    Last edited by a moderator: Mar 22, 2014
  2. alpha

    alpha New Member

    Oh! Forgot to mention, it is at the bottom bollie of the BB.
     
  3. alpha

    alpha New Member

    **Sorry, also meant to say oversold (not overbought)
     
  4. probe1957

    probe1957 Member

    I see what you're saying but I am not sure I agree with your conclusion. The stock could just as easily go on down to $35.
     
  5. alpha

    alpha New Member

    Probe, there is simple too much resistance at the point. Its not a question in my mind of well it bounce off (today confirmed it for me) and continue the uptrend as much as the question will it be a quick one or a slow one. Because I am impatient and the latter eats at me while I sit and watch it go up slowly.
     
  6. probe1957

    probe1957 Member

    Looks like you were right. Congratulations and good call.
     
  7. alpha

    alpha New Member

    Probe, the stock has a while to go, if you missed out yesterday you can still get in and ride it until 41.66 (the upper bollie of the bollinger band). But in my humble opinion, i think this is the begining of a breakout. It will hit the 41.66 slow down and break out and continue the trend upward.

    Good Luck and Happy Trading
     
  8. probe1957

    probe1957 Member

    I hope you're right. I really do. But the company does not pass my fundamental test.
     
  9. alpha

    alpha New Member

    Your best shot on getting in is after the retracement from from the 20 week moving average which is at 39.50. This retracement is occurring now. Either on today's closing, tommorow or in the following days it will shoot through it and continue the uptrend.

    You should always stick with your system but remember you always lose 100% of the chances you never take.
     
  10. Technical Alchemist

    Technical Alchemist forum leader won penny contest 13x won weekly contest 12x

    Do you mind sharing what metrics comprise your fundamental test? Are you a discounted cash flow type investor or a relative valuation investor?

    Personally I gave up on fundies two years ago and strictly trade technicals. In this age of government involvement in the business world I don't know that we can ever truly trust the fundamentals. Look no further than the undiclosed bailout loans to GE by the government as evidence we never have the whole story. At least with technicals I can see what I'm trading and acting on.
     
  11. probe1957

    probe1957 Member

    I am too much of a rookie to even know what that means, but I will try to answer your question. :proud:

    Mostly in a FA I am look at financial performance, analyst opinion and the price pattern of the stock. I then use technical indicators to time an entry and exit point. I don't always follow those rules, but my limited experience indicates to me that my batting average is better when I do.
     
  12. probe1957

    probe1957 Member

    Okay, I'm in at $39.72.
     
  13. probe1957

    probe1957 Member

    And she's now at $42.97. Thanks.
     
  14. Chart Robot

    Chart Robot moderator

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    Last edited by a moderator: Mar 22, 2014

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