Helmerich & Payne Closing in to Resistance

Published on Tuesday, 24 January 2012 06:36 Written by TradersHuddle Staff

New York, January 24th (TradersHuddle.com) - Shares of Helmerich & Payne, Inc. (NYSE:HP) are trading very close to calculated resistance at $61.77 with the current price action closing at just $60.39 placing the stock near levels that make it difficult to buy.

Helmerich & Payne, Inc. (NYSE:HP) provides contract drilling of oil and gas wells in the Gulf of Mexico and South America. The Company operates land rigs and platform rigs.

Helmerich & Payne's current stock range is defined by current calculated support defined at $56.17 and by the resistance level at $61.77, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Helmerich & Payne, as the stock is well above support, however, as the stock pulls back towards $56.17 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $61.77 then traders will get an opportunity to enter Helmerich & Payne stock by establishing a position as the stock moves to a higher range.