HES stuck within tight trading range
Hess Corporation (HES) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
HES ended Wednesday at 44.20 gaining $1.35 (3.15%) on high volume, notably outperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (HES as at Sep 16, 2020):
Wednesday's trading range has been $1.73 (3.97%), that's slightly above the last trading month's daily average range of $1.64. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for HES. Prices continued to consolidate within a tight trading range between 42.77 and 44.95 where it has been caught now for the last three trading days.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might speed up should prices move above the nearby swing high at 44.95 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 42.77 where further sell stops could get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Hess. Out of 689 times, HES closed higher 53.70% 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 54.28% with an average market move of 0.31%.