Hess Makes More Than Toy Trucks – Buy It
- Posted by Greg Harmon
- on August 22nd, 2012
In my household Hess, $HES, means toy trucks every Christmas. But it turns out they are involved in Oil as well. Who knew? Well with oil rising it makes sense to take a look at it. Looking at the daily chart below shows it rising from a base at 40 in June and ready to test resistance of the 51. The Relative Strength Index (RSI) is trending higher and the Moving Average Convergence Divergence
indicator (MACD) is positive but flat. These are supporting a continued move higher. If it can get over 51 then 54.40 and 56.3 are the next stops higher. And the weekly chart looks good as well. The RSI rising and breaking the mid line and MACD that is continuing to trend higher after breaking positive support more upside also. 55 looks like a lock and above that a retest at 67.50. That level coincides with the 3-box reversal Point and Figure chart price objective of 67 also. So what are you waiting for. oh yeah, only a couple months til the new truck!
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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