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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Helmerich & Payn (NYSE:HP) based on the price action in the company's shares. Yesterday's price range of $46.50 and $46.88 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. Owners of Helmerich & Payn may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Helmerich & Payn share prices have moved between a 52-week high of $64.80 and a 52-week low of $35.74 and closed yesterday at 30% above that low price at $46.33 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has slid 0.3%.

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.

There is potential upside of 43.4% for shares of Helmerich & Payn based on a current price of $46.33 and an average consensus analyst price target of $66.44. The stock should find resistance at its 200-day moving average (MA) of $46.60, as well as support at its 50-day MA of $41.37.

SmarTrend recommended that subscribers consider buying shares of Helmerich & Payn on November 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.39. Since that recommendation, shares of Helmerich & Payn have risen 13.9%. We continue to monitor HP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle helmerich & payn

Ticker(s): HP