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Possible Bullish Inside Day Candle Pattern Detected for Helmerich & Payn (NYSE:HP)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Helmerich & Payn (NYSE:HP) based on the price action in the company's shares. Yesterday's price range of $41.87 and $42.61 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. Traders and investors interested in shares of Helmerich & Payn may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Helmerich & Payn share prices have been bracketed by a low of $35.74 and a high of $64.80 and closed yesterday at $43.43, 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.6%.

Helmerich & Payne, Inc. provides contract drilling of oil and gas wells in the Gulf of Mexico and South America. The Company operates land rigs and platform rigs.

Helmerich & Payn (NYSE:HP) has potential upside of 53.0% based on a current price of $43.43 and analysts' consensus price target of $66.44. The stock should find resistance at its 200-day moving average (MA) of $44.80, as well as support at its 50-day MA of $43.03.

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

Keywords: bullish am inside day candle helmerich & payn

Ticker(s): HP