Boston, MA 09\/30\/2013 (wallstreetpr) \u2013 Halcon Resources Corp (NYSE:HK)<\/b> (Closed: $4.53, Down: 2.37%) opened flat on last Friday but soon started falling to break the low of the previous 5 weeks before closing on the day low. The news about the company announcing filing of a shelf registration statement for previously issued shares was not taken by the market in any positive way as the price action formed a Marubozu candle, the most bearish single candle pattern. The volume remained subdued thought at 5.5 million, exactly on par with the average.<\/p>\n
The stock had made its debut in May 2011, in the middle of the last bear market and suitable dropped from its opening price of $5.13 to the low of $1.80 in just 3 months. But the end of the bear market brought a huge rally taking the price to a new high at $13.35 by early 2012. The joy for this furious rally turned out to be short lived as it began its very own bear market that hasn\u2019t shown any sign of abating till now.<\/p>\n
The fall from the 2012 top of $13.35 is taking the form of a huge Zigzag correction. The first part of the fall from $13.35 to the 2012 low of $5.26 is clearly subdivided into 5 legs. The corrective rally next was rejected from the previous 4th<\/sup> wave area around $8.30 – $8.60 as expected.<\/p>\n The current fall could be labeled as the C wave and the fall from the July 2013 top of $6.44 could be marked as the 5th<\/sup> minor wave. The immediate target in that case would be around $4.18 – $4.20, which nicely coincides with the December 2011 swing high of $4.20. The larger pattern gives us a long term target around $1.24 – $1.30, a new lifetime low. Naturally, the investors should avoid the stock like a plague.<\/p>\n","protected":false},"excerpt":{"rendered":" Boston, MA 09\/30\/2013 (wallstreetpr) \u2013 Halcon Resources Corp (NYSE:HK) (Closed: $4.53, Down: 2.37%) opened flat on last Friday but soon started falling to break the […]<\/p>\n","protected":false},"author":15,"featured_media":9176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3081,3082],"stock_ticker":[],"class_list":["post-9175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-halcon-resources-corp-nysehk","tag-nysehk","entry"],"acf":[],"yoast_head":"\n