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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Helmerich & Payn (NYSE:HP) based on the price action in the company's shares. Yesterday's price range of $16.32 and $16.86 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. Traders and investors interested in shares of Helmerich & Payn may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Helmerich & Payn (NYSE:HP) has potential upside of 306.9% based on a current price of $16.33 and analysts' consensus price target of $66.44. Helmerich & Payn shares should first meet resistance at the 50-day moving average (MA) of $19.53 and find additional resistance at the 200-day MA of $36.08.

Over the past year, Helmerich & Payn has traded in a range of $12.40 to $59.68 and closed yesterday at $16.33, 32% above that low. The 200-day and 50-day moving averages have moved 1.85% lower and 9.18% lower over the past week, respectively.

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.

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: bullish am inside day candle helmerich & payn

Ticker(s): HP