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Watch for Continued Losses in Shares of Helmerich & Payn (HP)

By David Diaz

Helmerich & Payn (NYSE:HP) traded at a new 52-week low today of $42.18. This new low was reached on below average trading volume as 168,000 shares traded hands, while the average 30-day volume is approximately 2.2 million shares.

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, shares of Helmerich & Payn have traded between the current low of $42.18 and a high of $85.78 and are now at $42.19. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has remained constant.

Helmerich & Payn (NYSE:HP) has potential upside of 44.5% based on a current price of $42.19 and analysts' consensus price target of $60.96. Helmerich & Payn shares should first meet resistance at the 200-day moving average (MA) of $55.06 and find additional resistance at the 50-day MA of $59.98.

SmarTrend recommended that its subscribers protect gains by selling shares of Helmerich & Payn on July 28th, 2017 by issuing a Downtrend alert when the shares were trading at $52.40. Since that call, shares of Helmerich & Payn have fallen 19.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows helmerich & payn

Ticker(s): HP