Buying Haliburtion at the Support
The stocks of one of the largest oilfield service companies, Halliburton (HAL), reached their peak prices at $43.79 per share in the middle of October 2023. Since then, they have experienced a decline of 25.0% to $32.90, primarily associated with falling crude prices. However, a recovery of oil prices has been underway since the middle of December, with a 17.0% upside. It's noteworthy that HAL has risen by only 6.0% during the same period, indicating good upside potential.
Additionally, prices are currently at the support of an ascending channel, creating a favorable scenario for further upside. A potential rise to the range of $41.00-$45.00 is likely. To manage risk, a stop-loss could be set at $25.00.
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