HES pushes through 50-day moving average
Hess Corporation (HES) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (HES as at Aug 10, 2018):
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.