HP dominated by bears dragging the market lower throughout the day


Helmerich & Payne (HP) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
Traders officially love to sell HP against 65.91 level
HP dominated by bears dragging the market lower throughout the day
HP closes lower for the 2nd day in a row
HP ends the day on a bearish note closing near the low of the day
HP breaks below previous session low
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, HP finished Thursday at 64.97 losing $0.46 (-0.7%). Today's closing price of 64.97 marks the lowest close since June 6th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 65.12, the share confirms its breakout through the previous session's low having traded $0.27 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for HP
Volatility

Thursday's trading range was $1.06 (1.61%), that's below last trading month's daily average range of $1.66. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Prices are trading close to a key support level at 64.77. Helmerich & was sold again around 65.91 after having seen highs at 65.89, 65.94 and 65.95 in the last three trading sessions. Obviously there is something going on at that level.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 64.77 where further sell stops might get activated. With prices trading close to this year's low at 61.30, downside momentum could speed up should the market break out to new lows for the year. As prices are trading close to June's low at 62.69, downside momentum might accelerate should the stock mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Helmerich & Payne
ConditionForecastDirectionWinAvgWorstBestEvents
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
Bullish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

HP breaks below previous session low

Jun 21, 2018
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