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Possible Bearish Inside Day Candle Pattern Detected for Hess Corp (NYSE:HES)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hess Corp (NYSE:HES) based on the price action in the company's shares. Yesterday's price range of $50.20 and $51.33 is within the prior day'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 Hess Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Hess Corporation operates as a global independent energy company. The Company focuses on the exploration, development, production, transportation, purchase, and sale of crude oil, natural gas liquids, and natural gas. Hess manages production operations around the world.

Hess Corp has overhead space with shares priced $51.95, or 13.7% below the average consensus analyst price target of $60.17. Hess Corp shares should encounter resistance at the 200-day moving average (MA) of $60.24 and support at the 50-day MA of $51.66.

In the past 52 weeks, Hess Corp share prices have been bracketed by a low of $35.59 and a high of $74.81 and closed yesterday at $51.95, 46% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.6%.

SmarTrend is monitoring the recent change of momentum in Hess Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Hess Corp in search of a potential trend change.

Keywords: bearish am inside day candle hess corp

Ticker(s): HES