New York, January 11th (TradersHuddle.com) - Shares of Hess Corporation (NYSE:HES) closed the session at $56.61 just above calculated resistance at $55.94. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $50.90 and resistance at $55.94. Given that this range was broken, traders will be closely monitoring Hess' price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Hess is still near the broken resistance level, traders will be focusing on the $55.94 level to see if the stock holds the breakout without rolling over.