Helmerich & Payne (HP) Trading Report

January 29, 2023, 08:45 amET, BY Tyler- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for HP

• Buy HP slightly over 41.33 target 49.78 stop loss @ 41.21 Details

The technical summary data tells us to buy HP near 41.33 with an upside target of 49.78. This data also tells us to set a stop loss @ 41.21 to protect against excessive loss in case the stock begins to move against the trade. 41.33 is the first level of support below 49.19 , and by rule, any test of support is a buy signal. In this case, support 41.33 would be being tested, so a buy signal would exist.

• Short HP slightly under 49.78, target 41.33, stop loss @ 49.92 Details

The technical summary data is suggesting a short of HP as it gets near 49.78 with a downside target of 41.33. We should have a stop loss in place at 49.92though. 49.78 is the first level of resistance above 49.19, and by rule, any test of resistance is a short signal. In this case, if resistance 49.78 is being tested, so a short signal would exist.

Swing Trading Plans for HP

• Buy HP slightly over 49.83, target 58.54, Stop Loss @ 49.69 Details

If 49.83 begins to break higher, the technical summary data tells us to buy HP just slightly over 49.83, with an upside target of 58.54. The data also tells us to set a stop loss @ 49.69 in case the stock turns against the trade. 49.83 is the first level of resistance above 49.19, and by rule, any break above resistance is a buy signal. In this case, 49.83, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short HP slightly near 49.83, target 46.70, Stop Loss @ 49.97. Details

The technical summary data is suggesting a short of HP if it tests 49.83 with a downside target of 46.70. We should have a stop loss in place at 49.97 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 49.83, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for HP

• Buy HP slightly over 49.53, target 49.83, Stop Loss @ 49.41 Details

If 49.53 begins to break higher, the technical summary data tells us to buy HP just slightly over 49.53, with an upside target of 49.83. The data also tells us to set a stop loss @ 49.41 in case the stock turns against the trade. 49.53 is the first level of resistance above 49.19, and by rule, any break above resistance is a buy signal. In this case, 49.53, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short HP slightly near 49.53, target 48.20, Stop Loss @ 49.65. Details

The technical summary data is suggesting a short of HP if it tests 49.53 with a downside target of 48.20. We should have a stop loss in place at 49.65 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 49.53, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

HP Ratings for January 29:

Term →	Near	Mid	Long
Rating	Weak	Strong	Strong
P1	0	0	41.33
P2	48.20	46.70	49.78
P3	49.53	49.83	58.54

Chart of HP with Longer Term Pivots

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This report was produced using AI developed by Stock Traders Daily.  Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves.  This methodology is also applied to Index options, ETFs, and futures.  The objective of this specific report is to optimize trading in Helmerich & Payne (NYSE: HP) while incorporating prudent risk controls.

Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for HP change over time, so the report should be updated regularly.  Real Time updates are provided to subscribers.  Unlimited Real Time Reports.

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Instructions:

The rules that govern the data in this report are the rules of Technical Analysis.  For example, if HP is testing support buy signals surface, and resistance is the target.  Conversely, if resistance is being tested, that is a sign to control risk or short, and support would be the downside target accordingly.  In each case, the trigger point is designed to be both an ideal place to enter a position (avoid trading in the middle of a trading channel), and it acts as a level of risk control too.

Swing Trades, Day Trades, and Longer term Trading Plans:

This data is refined to differentiate trading plans for Day Trading, Swing Trading, and Long Term Investing plans for HP too.  All of these are offered below the Summary Table.