HES closes higher for the 3rd day in a row

Hess Corporation (HES) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


HES closes higher for the 3rd day in a row
HES runs into sellers again around 37.62
HES closes within previous day's range after lackluster session


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):

Daily technical analysis candlestick chart for Hess Corporation (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%.

Market Conditions for HES as at Mar 26, 2020

Loading Market Conditions for HES (Hess Corporation)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Hess Corporation traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!