HP pushes through key resistance level


Helmerich & Payne (HP) Technical Analysis Report for May 17, 2018 [< 1 min read]
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
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
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 chart for HP
Volatility

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.

Support/Resistance

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.

Trend

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

Order Flow

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.

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
ConditionForecastDirectionWinAvgWorstBestEvents
Bullish Break through SMA 20 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Bounce off SMA 200 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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