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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. Today's price range of $15.67 and $16.47 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. 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.

Over the past year, Helmerich & Payn has traded in a range of $12.40 to $64.80 and is now at $16.11, 30% above that low. Over the past week, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has declined 8.5%.

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 312.4% for shares of Helmerich & Payn based on a current price of $16.11 and an average consensus analyst price target of $66.44. The stock should run into initial resistance at its 50-day moving average (MA) of $30.88 and subsequent resistance at its 200-day MA of $39.83.

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: bearish inside day candle helmerich & payn

Ticker(s): HP