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Possible Bearish Inside Day Candle Pattern Detected for Helix Energy Sol (NYSE:HLX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Helix Energy Sol (NYSE:HLX) based on the price action in the company's shares. Today's price range of $6.10 and $6.23 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Helix Energy Sol may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Helix Energy Solutions Group Inc. is a marine contractor and operator of offshore oil and gas properties and production facilities. The Company seeks to align the interests of the producer and contractor by investing in mature offshore oil and gas properties, hub production facilities, and undeveloped reserve plays.

In the past 52 weeks, shares of Helix Energy Sol have traded between a low of $4.82 and a high of $11.87 and are now at $6.21, which is 29% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 6.2%.

There is potential upside of 43.2% for shares of Helix Energy Sol based on a current price of $6.21 and an average consensus analyst price target of $8.90. Helix Energy Sol shares have support at the 50-day moving average (MA) of $5.95 and additional support at the 200-day MA of $5.72.

SmarTrend recommended that its subscribers protect gains by selling shares of Helix Energy Sol on February 5th, 2018 by issuing a Downtrend alert when the shares were trading at $7.32. Since that call, shares of Helix Energy Sol have fallen 14.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle helix energy sol

Ticker(s): HLX