Good technical signals and a possible breakout for HESS CORP.

A possible breakout setup was detected on HESS CORP (NYSE:HES) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:HES.

Technical Analysis Observations

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, HES scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, HES has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that HES is one of the better performing stocks in the market, outperforming 89% of all stocks.
• HES is part of the Oil, Gas & Consumable Fuels industry. There are 217 other stocks in this industry. HES outperforms 83% of them.
• HES is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so HES is performing more or less in line with the market.
• HES is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

Check the latest full technical report of HES for a complete technical analysis.

How does the Setup look for NYSE:HES

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:HES has a 9 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, HES also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 156.25. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 153.38, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for HES in the last couple of days, which is a good sign.

How can NYSE:HES be traded?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.