New York, January 1st (TradersHuddle.com) - Hess Corporation (NYSE:HES) closed the trading day at $51.28, near its 50 day and 200 day moving averages set at $51.75 and $50.61 respectively. Hess' price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.
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 seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Hess and wait for the stock to break out above its 50 day moving average at $51.75. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $50.61 breaks, it could signal further downside pressure for Hess.
Recent Trading Ideas
Latest Partner Headlines