HP closes above its opening price after recovering from early selling pressure

Helmerich & Payne (HP) Technical Analysis Report for Sep 14, 2018

Highlights

HP closes above its opening price after recovering from early selling pressure
HP pushes through 100-day moving average
HP finds support at 100-day moving average
HP finds buyers again around 64.27
HP closes within previous day's range

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

HP ended the week 4.03% higher at 65.31 after gaining $0.56 (0.86%) today. Trading up to $0.95 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for HP

Volatility

Friday's trading range was $1.40 (2.15%), that's slightly above last trading month's daily average range of $1.28. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to the key resistance level at 66.02. After having been unable to move lower than 64.36 in the prior session, the stock found buyers again around the same price level today at 64.27. After trading as low as 64.27 during the day, the share found support at the 100-day moving average at 65.12.

Trend

Helmerich & shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. HP managed to break above the 100-day moving average at 65.12 today for the first time since September 12th.

Order Flow

Buying could speed up should prices move above the nearby swing high at 66.76 where further buy stops might get triggered. Further buying could move prices higher should the market test August's close-by high at 67.01.

Conclusion

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

Market Conditions for Helmerich & Payne

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Latest Report:

HP closes within previous day's range

Sep 19, 2018
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