<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Should investors be buyers of the two stocks? Miller Tabak’s Matt Maley took a deeper look during a recent CNBC "Trading Nation" segment.” data-reactid=”19″>Should investors be buyers of the two stocks? Miller Tabak’s Matt Maley took a deeper look during a recent CNBC “Trading Nation” segment.
Oversold Conditions In Oil
The oil sector as a whole has “badly underperformed” the broader market, Maley said. But the underperformance has come to a point where oil stocks are both “over-hated” and “very underowned,” he said.
Halliburton in particular is showing signs of life on a technical basis, Maley said.
The stock peaked at around $55 in mid-2018 and has been declining since then. The stock recently broke above the trend line and made a higher low, and if it follows up with a higher high above $22.50, it would be “quite bullish” for the stock, he said.
“If it can move above its most recent highs of $23.80, that’s going to confirm that at least its short-term trend has changed and give it some upside movement.”
Bounce Back In Paypal
PayPal’s stock has been “sliding lower” over the past four months and has failed to hold on to any upward momentum, Maley also said on “Trading Nation.”
The stock attempted on three occasions to trade north of the 100-day moving average, but the result was a consistent move to the downside.
The 100-day moving average is a key level for the stock, but also doubles as the neckline of an inverse head-and-shoulders pattern, Maley said.
If the stock can break above the 100-day moving average, it will be a “very, very good” bullish indicator, he said, adding that the upside potential could be especially strong if the stock takes out September’s highs of $110.
“That’ll confirm that its intermediate-term trend has changed and that it’s going higher.”
Halliburton shares were up 2.78% at $21.41 at the close Wednesday, while PayPal shares were up 1.46% at $107.75.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Related Links:” data-reactid=”32″>Related Links:
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Opportunity With A Battered Energy ETF” data-reactid=”33″>Opportunity With A Battered Energy ETF
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Large PayPal Option Trader Betting On 5% More Downside” data-reactid=”34″>Large PayPal Option Trader Betting On 5% More Downside
0
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="See more from Benzinga” data-reactid=”36″>See more from Benzinga
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”40″>© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Add Comment