New York, March 16th (TradersHuddle.com) - Shares of Hess Corporation (NYSE:HES) closed the session at $61.49 below calculated support at $61.85 breaking long setups, raising concerns on the bulls, as this move might give the bears the upper hand.
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.
Hess' stock was trading in a well defined range with support at $61.85 and resistance at $67.86; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective it can be expected that previous support becomes resistance, as the new range gets defined, however, given that Hess' stock is still near the broken support, traders will be focusing on $61.85 to see if the stock can bounce back and return to its previous range.
Traders wanting to establish a short position in Hess can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $61.85. For traders wanting to establish a long position, wait for the price action to take the stock back to calculated support, which will provide a best entry point to build the position.