HES pushes through 50-day moving average
HES finished the week -3.06% lower at 64.27 after gaining $0.27 (0.42%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Friday's trading range was $0.98 (1.53%), that's far below last trading month's daily average range of $1.64. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.
Prices are trading close to a key support level at 63.16. Prices are trading close to the key resistance level at 65.22.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market managed to break above the 50-day moving average at 64.21 today for the first time since March 21st.
Further selling could move prices lower should the market test July's close-by low at 62.02.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Hess Corporation
|Close to R1 Resistance||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
|Bullish Harami Candle||TQ Pro Members Only|
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