Halliburton Company stock has completed a six-month basing pattern and could break out, entering a 2018 uptrend with 25% to 30% upside potential. The bullish scenario also bodes well for the Vaneck Vectors Oil Services ETF, which has grossly underperformed broad benchmarks in 2017, dropping more than 25%. It also predicts that the WTI crude oil contract will continue a broad recovery, perhaps reaching the mid to upper $60s.
Halliburton accounts for more than 15% of OIH, taking the second slot in the sector fund below Schlumberger Limited and highlighting how a 2018 uptrend will also benefit its rivals. In addition, a breakout would follow the market’s natural tendency for laggards in one year to emerge as the following year’s leaders. Even so, Halliburton shares face a huge challenge in attracting the buying power needed to complete a round trip to the 2014 all-time high in the mid-$70s. (See also: Schlumberger vs. Halliburton Stock: Which One to Choose?)
The oil services giant has completed a basing pattern that could generate a 2018 breakout with double-digit percentage gains. …read more
Read more here: Halliburton Stock Could Enter 2018 Uptrend
Category: HAL, SLB, OIH