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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Helmerich & Payne (NYSE:HP) based on the price action in the company's shares. Today's price range of $67.06 and $68.39 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. Traders and investors interested in shares of Helmerich & Payne 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 & Payne (NYSE:HP) defies analysts with a current price ($67.21) 15.7% above its average consensus price target of $56.65. The stock should find initial support at its 50-day moving average (MA) of $59.98 and further support at its 200-day MA of $55.06.

In the past 52 weeks, Helmerich & Payne share prices have been bracketed by a low of $40.02 and a high of $79.90 and are now at $67.21, 68% above that low price. The 200-day and 50-day moving averages have moved 0.03% higher and 1.25% higher over the past week, respectively.

Helmerich & Payne, Inc. is primarily a contract drilling company. As of December 31, 2011, the Company's existing fleet included 255 U.S. land rigs, 26 international land rigs and nine offshore platform rigs.

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

Keywords: bullish inside day candle helmerich & payne

Ticker(s): HP