HES closes higher for the 3rd day in a row
Hess Corporation (HES) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HES finished Thursday at 36.68 gaining $1.94 (5.58%), underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (HES as at Mar 26, 2020):
Thursday's trading range has been $3.11 (8.93%), that's below the last trading month's daily average range of $4.22. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for HES.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical support level at 34.49 (S1). Prices are trading close to the key technical resistance level at 39.88 (R1). After having been unable to move above 37.17 in the prior session, Hess ran into sellers again around the same price level today, failing to move higher than 37.62. The last time this happened on March 17th, HES lost -1.57% on the following trading day.
Although the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Hess. Out of 165 times, HES closed higher 57.58% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.33% with an average market move of 0.26%.