Close to the 50 Day - Hess

Published on Thursday, 09 February 2012 08:24 Written by TradersHuddle Wire

New York, February 9th (TradersHuddle.com) - Shares of Hess Corporation (NYSE:HES) closed the trading day at $60.46 close to its 50 day moving average currently set at $57.74. Hess' price action is just above this important support level translating into a trading opportunity.

Hess Corporation (NYSE:HES) is a global integrated energy company based in New York, NY. The Company explores for, produces, markets, and refines crude oil and natural gas. The company operates in two segments, Exploration and Production and Marketing and Refining.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $54.10 and calculated resistance at $62.48. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Hess will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.