IMO the uptrend that HES has been on since Biden was in office and gas prices skyrocketed has been exhausted and come to an end. I believe the overall downtrend starts with the potential lowering of gas prices due to Trump energy policies. The technical indicators noted on the chart strengthen my opinion. If you have a different view or opinion, please let me know.
So Lets start.
The uptrend started in the beginning of November 2020. Notice 3 shaded boxes on left.
Chart pattern has double bottom
RSI is oversold, bounces up, comes back but stays above 30
MACD line breaks above the zero line
Notice the uptrend is sustained as price finds support when RSI would go into the 40-50 range (long yellow shaded rectangular box)
The chart has a double top at the 161 area where RSI goes overbought comes back then holds below 70 signifying possible reversal. RSI keeps going down through the 40 RSI support level that held for 4 years. In that same time RSI goes below 40 MACD breaks below zero line.
After the price bounces back, notice it finds resistance and a double top at the 151.6 area and the RSI holds between 50-60 (red shaded box) levels signifying resistance for a continued downtrend.
NOTE HES has earnings on 1/29 which they have crushed this year. I dont see Dec being any different. I feel we get a pop where I will find an area to go short. SL will be above 162. I will have another entry below the blue trend line and or if it closes below 200 MA
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