HP pushes through key resistance level


Helmerich & Payne Inc. (HP) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team

Highlights

HP pushes through key resistance level
HP closes higher for the 4th day in a row
HP rises to highest close since April 18th
HP closes within previous day's range after lackluster session

Overview

Moving higher for the 4th day in a row, HP finished Thursday at 73.31 gaining $0.57 (0.78%). Today's closing price of 73.31 marks the highest close since April 18th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (HP as at May 17, 2018):

Daily technical analysis candlestick chart for Helmerich & Payne Inc. (HP) as at May 17, 2018

Thursday's trading range was $1.44 (1.99%), that's below last trading month's daily average range of $1.73. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.

Breaking through the key resistance level at 73.00 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 74.36.

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

With prices trading close to this year's high at 75.02, upside momentum could accelerate should the stock be able to break out to new highs for the year. Further buying might move prices higher should the market test April's close-by high at 74.36.


Market Conditions for HP as at May 17, 2018

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