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Possible Bearish Inside Day Candle Pattern Detected for Hess Corp (NYSE:HES)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hess Corp (NYSE:HES) based on the price action in the company's shares. Yesterday's price range of $69.50 and $69.91 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 Hess Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Hess Corporation operates as a global independent energy company. The Company focuses on the exploration, development, production, transportation, purchase, and sale of crude oil, natural gas liquids, and natural gas. Hess manages production operations around the world.

Hess Corp (NYSE:HES) is currently priced 14.1% above its average consensus analyst price target of $60.17. The stock should discover initial support at its 50-day moving average (MA) of $66.36 and subsequent support at its 200-day MA of $63.47.

Hess Corp share prices have moved between a 52-week high of $74.11 and a 52-week low of $50.08 and closed yesterday at 40% above that low price at $70.08 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

SmarTrend recommended that subscribers consider buying shares of Hess Corp on December 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.94. Since that recommendation, shares of Hess Corp have risen 7.9%. We continue to monitor HES for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle hess corp

Ticker(s): HES