HESS price action indicates bullishness, as the stock keeps the gains on the upper side in the bullish zone. The bears are still making short positions attempting a pullback.
HESS stock displayed bullishness and kept holding the gains above the top. Bulls are accumulating the stock and getting ready to cross the $165 mark in the coming sessions.
The chart formation shows the bulls’ momentum and signals a positive outlook on the charts. HES stock is aiming to achieve a breakout soon above $165 level, and investors are watching it closely.
The price action shows a strong chart structure with buyers’ dominance. Long buildup activity was noted in the past trading sessions. Furthermore, sellers were becoming cautious due to the vertical rally that trapped sellers in the past weeks.
HESS’s price was at $164.97 and has gained 0.58% of its market capitalization during the day’s trading session. The last 24-hour trading volume was 2.128 Million and the last 10 days’ average trading volume is 1.684 Million. This demonstrates that bulls are trying to accumulate in order to surge toward the upper price range.
Will HESS Stock Price Break Above $170 Level?
HESS stock has steadily seen its stock price rise for the past three months, gaining 18.62% and 1.72% in the last month. Currently, HES stock is trading at $164.97 and has been trying to hold on to this level after an unexpected surge in price.
Currently, HESS stock (NYSE: HES) is trading above the 50 and 200-day exponential moving averages (EMAs), which are supporting the price momentum.
The current value of RSI is 00 points. The 14 SMA is above the median line at 65.88 points which indicates that the HESS stock is bullish.
The MACD curve at 1.97 and the signal line at 0.2599 are above the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the HES stock price.
Weekly-Time Horizon Analysis: HESS Stock
HESS stock price action reflects buyers’ strength on the weekly chart frame. Moreover, the price is above the key EMAs, which shows further strength in the stock. The RSI curve is near the overbought region at 61, and a positive outlook was noted, indicating bullishness in the stock. The MACD persisted to form green bars, and a bullish crossover was noted, signalling bullish moves.
Summary
HESS stock technical oscillators support the bullish trend. The MACD, RSI, and EMAs emphasize positive signs and imply that the uptrend may continue in the HES stock price. Price action suggests that the investors and traders are bullish on the 1-day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: $140.84 and $125.80.
Resistance Levels: $170.00 and $180.00.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/10/19/hess-stock-price-forecast-will-hes-stock-reach-180-level/