Hess Corporation (HES stock) price shows bullish cues and is close to the crucial supply zone of $160. Moreover, HES stock gained momentum after the release of Q2 earnings which was above estimates. Bullish sentiments were noted on the charts. Buyers are making long positions and willing to smash the primary hurdle of $160. Furthermore, if the price decisively closes above it, it will lead to a rally toward $200 for the upcoming sessions.
HES stock price continues to surge inside the rising parallel channel, forming higher highs in the past months, and was in an uptrend. Moreover, HES stock price is trading above the significant moving averages and near the channel’s upper trendline. The price action suggests that HES stock has sustained above the round mark of $150, indicating strong buying momentum and a further breakout above $160.
At press time, HES stock price is trading at $156.40 with an intraday gain of 1.95%, showing bullishness in yesterday’s session. Moreover, the trading volume increased by 0.25% to 1.765 Million, and the market cap is $48.024 Billion. Furthermore, Analysts maintained a buy and overweight rating with a yearly target price of $164.50, which buyers were trying to achieve.
Hess Corp is an exploration and production company, which engages in exploration, development, production, transportation, purchase & sale of crude oil, natural gas liquids, and natural gas with production operations. It operates through the following segments: Exploration and Production and Midstream. The Exploration and Production segment explores for, develops, produces, purchases, and sells crude oil, natural gas liquids, and natural gas.
The Midstream segment provides fee-based services, including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, and terminaling and loading crude oil and natural gas liquids.
HES Stock Peeks Bullish On Daily Charts
On the daily charts, HES stock price shows bullish cues and holds the gains on the top above the key moving averages. Moreover, the technicals suggest a channel breakout and a high of $160. Furthermore, buyers are gaining traction, and sellers are trapped, which also gave a strong conviction for the short covering in the upcoming sessions.
HES stock price is trading near the upper bollinger band and above the 61.8% Fib level showing an uptrend and bullishness in the past sessions. Moreover, buyers hold the momentum and persist in accumulating to register a breakout.
The RSI curve stayed above the overbought zone, and a positive crossover was noted on the charts showing a positive outlook, favoring the bulls.
The MACD indicator showed a bullish crossover, and the green bars on the histogram establish the buyers’ dominance and suggest a growth outlook in the following sessions.
Conclusion:
Hess Corporation (HES stock) price was trading in the bullish territory and maintained the gains above the round spot of $150, indicating buyers’ strength on the charts. The trajectory suggests that HES stock is looking to overtake the primary hurdle of $160 and is willing to register a breakout.
Technical Levels:
Support Levels: $150 and $145
Resistance Levels: $160 and $172
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/10/hess-stock-nyse-hes-price-close-to-breakout-zone-of-160/