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

By David Diaz

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. Today's price range of $62.58 and $63.03 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 Hess Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $63.03, Hess Corp is currently 4.5% above its average consensus analyst price target of $60.17. The stock should find initial support at its 50-day moving average (MA) of $60.90 and further support at its 200-day MA of $57.71.

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 are now at $63.03, 77% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Hess Corporation, an exploration and production company, explores for, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. It operates through two segments, Exploration and Production, and Midstream.

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 inside day candle hess corp

Ticker(s): HES