Halliburton Drilling Shorts, Now $7 Off Monday's Low

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Halliburton Company HAL shares were trading higher by $3.50 (9 percent) at $37.93 in Thursday's session. The $3 plus rally in crude oil is reviving issues in the sector back to life after being left for dead earlier in the week.

In Monday's bloodbath, the issue reached $30.93 before rebounding to close at $33.56. After putting a pair of lows at the level on Tuesday ($33.47) and Wednesday ($33.63), the issue was primed for a pop in today's session.

After a higher open ($35.68 vs. Wednesday's close of $34.43), it retreated to $35.47 before resuming its rally. So far, it has reached $37.98 and is trading not far from it. That is just above its August 21 high ($37.77), but well shy of its August 20 high ($39.69).

Today's price action is taking place on higher than average volume. So far, 12.2 million shares have changed hands compared to its 20-day average of 14.38 million with over two hours remaining in the session.