HP soars 2.83% closing $1.70 higher
Helmerich & Payne Inc. (HP) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
HP finished Tuesday at 61.83 surging $1.70 (2.83%), significantly outperforming the S&P 500 (0.05%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on April 1st, HP actually lost -0.90% on the following trading day. Today's close at 61.83 marks the highest recorded closing price since December 12, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (HP as at Apr 16, 2019):
Tuesday's trading range has been $1.56 (2.57%), that's slightly above the last trading month's daily average range of $1.56. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for HP.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Crossing above the upper Bollinger Band for the first time since April 12th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 57.46 or signal the beginning of a strong momentum breakout leading to even higher prices.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Helmerich & Payne. Out of 216 times, HP closed higher 56.02% 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 57.41% with an average market move of 1.18%.