Halliburton Shares Hold $31.20 for a Third Time; Analysts See $34

Halliburton Company (NYSE: HAL) has reversed higher from support at $31.20 for the third time since July, and FxPro's technical desk now expects the stock to climb toward resistance at $34.00.

The $31.20 level has done the heavy lifting for the oilfield services name all summer. It stopped a slide in July, turned back the wave the analysis labels (1) at the start of August, and again halted wave 1 at the end of September. This week's bounce makes it three successful defenses.

Why is $31.20 the level to watch?

Support zones rarely hold because of a single line on a chart, and this one is no exception. According to FxPro, three separate technical factors converge at $31.20:

• The pivotal support level itself, which has reversed the price repeatedly since July
• The lower weekly Bollinger Band
• The 50% Fibonacci retracement of the weekly upward impulse that began in April 2025

When a level lines up with a band and a Fibonacci midpoint, traders tend to treat it as more durable. In plain words: buyers have shown up at this price three times running, and each time they've pushed the stock back up.

The most recent reversal started what FxPro describes as an active short-term correction inside impulse wave 3, dating from the end of October. That correction, in the analyst's framework, is unfolding within a weekly uptrend that traces back to the April 2025 impulse.

What does the setup imply for the stock?

FxPro's read is straightforward. The strength of the $31.20 support, combined with the intact weekly uptrend, points to further upside toward the next resistance at $34.00 — roughly a 9% gain from the support zone.

The logic runs on two legs. First, a support level that has held three times signals persistent demand at that price; sellers have tested it and failed. Second, the broader weekly structure still counts as an uptrend, which in wave-analysis terms favors continuation over breakdown.

It's worth stressing what this analysis is and isn't. It is price commentary from a brokerage's technical desk, built on Elliott wave counting, Bollinger Bands and Fibonacci retracements — not a fundamental view on Halliburton's frac fleets, North American drilling budgets or international tender pipeline. Trade-press readers should treat the $34.00 target as attributed analysis, not consensus forecast.

Where could the setup fail?

Every technical thesis carries its own tripwire, and here it is the $31.20 level itself. A weekly close below it would negate the triple-bottom pattern, break the lower Bollinger Band's support role and push the price through the 50% Fibonacci retracement of the April 2025 impulse — three failed defenses at once. That would leave the wave count in need of a rethink and open the door to deeper correction.

Until then, the level stands. Halliburton has defended $31.20 in July, in early August, and in late September, and each defense fed a rebound.

The watch item: whether HAL can convert this third bounce into a test of $34.00 — or lose $31.20 and reset the whole structure.