HP stock (Helmerich & Payne) chart shows a reversal. It retrieved from the lows of $30, constructing a rounding bottom pattern that suggests buyers’ accumulation in the past weeks. Moreover, the price action indicates that HP stock price smashed the upper trendline and is now retesting it near $40 and expecting a sharp bounce toward $50, as shown by the path curve for the upcoming sessions.
Furthermore, HP stock gained momentum post Q2 earnings release which gave positive sentiments for the stock. HP stock is trading near the major support of $40 and is retesting the trendline, showing a higher low formation. Buyers could produce a higher high near $48 in the upcoming sessions.
Buyers have persisted in accumulating the stock and gaining traction for weeks. Moreover, HP share price has corrected with a healthy comeback. The trajectory swing of $48 needs to be surpassed for a rally in the stock, where a strong grip was made by the sellers, and buyers are keeping an eye on it.
At press time, HP stock price was $40.34 with an intraday gain of 0.60%, signaling neutrality. Moreover, the trading volume increased by 0.76% to 1.656 Million with the market cap at $4.011 Billion. However, analysts have upgraded the ratings from neutral to buy, revised the targets from $40 to $46.83 and suggested a growth outlook for the upcoming sessions.
About HP Stock
Helmerich & Payne, Inc. provides performance-driven drilling solutions and technologies intended to make hydrocarbon recovery safer and more economical for oil and gas exploration and production companies.
It operates through the following segments: North America Solutions, Offshore Gulf of Mexico, International Solutions, and Other. The North America Solutions segment focuses on operating a technologically advanced AC drive drilling rig fleet.
HP Stock Price Action Suggests a Bounce on Daily Charts
HP stock shows a positive outlook and proposes a bounce toward $48, followed by $50. Moreover, the stock is trading close to multiple support levels (200-day EMA and trendline), favoring buyers. However, buyers persisted in adding long build-ups and keeping an eye on the above swing of $50 to revisit soon.
Moreover, HP stock has overtaken neutrality, acquired the 50% Fib cluster, and is trading above the mid bollinger band. The leading indicators switched to bullish.
The RSI curve switched from the overbought zone and retested the neutrality. However, a positive crossover exists and anticipates a bounce toward $50 soon.
The MACD indicator showed a bearish crossover due to the profit booking in the past trading sessions.
Summary
HP stock price is trading close to the 200-day EMA and is expecting a bounce soon. Moreover, the trend is strong, and buyers are struggling to retain the swing of $50 and bullishness for the upcoming sessions. Buyers looked aggressive and achieved traction, whereas sellers stayed attentive and attained a clasp near $48.
Technical Levels
Support Levels: $35 and $30
Resistance Levels: $48 and $55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/26/hp-stock-nyse-hp-awaiting-a-bounce-time-to-accumulate/