NYSE:HP may be ready to breakout.

HELMERICH & PAYNE (NYSE:HP) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:HP.

Technical Analysis Observations

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, HP scores 7 out of 10 in our technical rating. In the last year, HP was an average performer in the market. There are positive signs in the very recent evolution, but the medium term picture is still mixed.

• The long and short term trends are both positive. This is looking good!
• In the last month HP has a been trading in the 37.28 - 40.84 range, which is quite wide. It is currently trading near the high of this range.
• When comparing the yearly performance of all stocks, we notice that HP is one of the better performing stocks in the market, outperforming 73% of all stocks. However, this overall performance is mostly based on the strong move around 7 months ago.
• HP is an average performer in the Energy Equipment & Services industry, it outperforms 55% of 66 stocks in the same industry.
• HP is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so HP is lagging the market.

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

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:HP currently holds a 10 as its setup rating, suggesting a particular level of consolidation in the stock.

HP has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 40.13, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for HP in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NYSE:HP and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.