Hess Is Near a Key Resistance Area
Published on Thursday, 31 January 2013 08:36 Written by TradersHuddle Wire
New York, January 31st (TradersHuddle.com) - Shares of Hess Corporation (NYSE:HES) are trading very close to calculated resistance at $70.77. The stock ended the trading session at just $67.88, which is near levels that make it difficult to buy or start a position.
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 range is defined by its calculated support defined at $50.90 and by the resistance level at $70.77; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Hess. However, as the stock pulls back towards $50.90 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $70.77 then traders will get an opportunity to enter the stock as it moves to a higher range.