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Halliburton Company (NYSE:HAL) shares are trading higher by $0.50 (1.5 percent) at $47.56 in Monday's session. The catalyst for the rally is a Q1 EPS beat of a penny along with a slight beat for sales.
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The favorable report is aiding the stock and distancing itself from the low of its recent slide that was made on Friday at $46.78. It had traded lower in five of its last six sessions as it was under selling pressure due to the recent slide in crude oil prices from the upper $53 handle to the $50 area. Over that time period, it fell from its April 11 closing price of $50.01 to its lowest close since October last Friday at $47.06.
After a modestly higher open, Halliburton's stock found resistance just above Friday's high ($47.66) at $47.80 and reversed course. The quick decline off that high found support just above Friday's low ($46.78), only reaching $46.92, and has returned to the mid-$47.00 handle.