Hess Broke Resistance

Published on Friday, 30 July 2010 05:20 Written by Danny Miller

New York, July 30th (TradersHuddle.com) - Shares of Hess Corporation (NYSE:HES) closed the trading session at $53.85 just above calculated resistance at $53.59 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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 $50.41 and resistance at $53.59, 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 resistance becomes support, as the new range gets defined, however, given that Hess' stock is still near the broken resistance level, traders will be focusing on $53.59 to see if the stock holds the breakout without rolling over.