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

By Nick Russo

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 $17.25 and $17.71 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.

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 278.4% for shares of Helmerich & Payn based on a current price of $17.56 and an average consensus analyst price target of $66.44. Helmerich & Payn shares should first meet resistance at the 50-day moving average (MA) of $19.15 and find additional resistance at the 200-day MA of $35.91.

In the past 52 weeks, shares of Helmerich & Payn have traded between a low of $12.40 and a high of $59.68 and are now at $17.56, which is 42% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.3% while the 50-day MA has declined 11%.

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: bearish inside day candle helmerich & payn

Ticker(s): HP