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In the Premarket trading session on Tuesday, Halliburton stock was trading at 24.25- higher by 1.21% as compared to its previous close.
The US based Oil services company has reported profit and revenue above the market expectation but lower from a year ago. The company resisted a loss of 1.65 billion US dollars or 1.88 dollars per share in fourth quarter of 2019. In the year 2018 for the same period the company booked a profit of 664 dollars.
Halliburton generated EPS of 32 cents for the fourth quarter. The EPS was below the consensus estimates of 29 cents. Companywide revenue fell 6% to $5.19 billion-below the market expectation of $5.13 billion.
Revenue from North America fell by 21% compared to the 3rd quarter because of ongoing issue of pressure pumping and well construction while the revenue from other operations such as drilling and evaluation rose by 4%.
On the technical front, the current price is trading above 5, 20 and 50-days moving averages. The current price is above the middle line of the Bollinger bands and heading upward. The lower band of the Bollinger band has provides a strong support.
Overall Bias is positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 23.70 TAKE PROFIT AT 24.70 STOP LOSS AT 23.20