HES closes higher for the 4th day in a row
Hess Corporation (HES) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, HES finished the week 8.82% higher at 60.34 after edging higher $0.35 (0.58%) today on high volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (HES as at Feb 14, 2020):
Friday's trading range has been $2.22 (3.68%), that's slightly above the last trading month's daily average range of $1.91. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for HES.
Four candlestick patterns are matching today's price action, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji.
After spiking up to 62.04 during the day, the stock found resistance at the 20-day moving average at 60.49. The last time this happened on December 13, 2019, HES actually gained 3.66% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for Hess. Out of 376 times, HES closed lower 58.51% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 51.33% with an average market move of -0.34%.