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

By Amy Schwartz

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 $39.76 and $40.37 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.

Helmerich & Payn has overhead space with shares priced $38.89, or 41.5% below the average consensus analyst price target of $66.44. Helmerich & Payn shares should first meet resistance at the 50-day moving average (MA) of $43.81 and find additional resistance at the 200-day MA of $44.04.

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.

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 $38.89, 9% 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 declined 0.2%.

SmarTrend is tracking the current trend status for Helmerich & Payn and will alert subscribers who have HP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle helmerich & payn

Ticker(s): HP