Canada markets closed
  • S&P/TSX

    18,480.98
    -521.70 (-2.75%)
     
  • S&P 500

    3,693.23
    -64.76 (-1.72%)
     
  • DOW

    29,590.41
    -486.27 (-1.62%)
     
  • CAD/USD

    0.7360
    -0.0055 (-0.74%)
     
  • CRUDE OIL

    79.43
    -4.06 (-4.86%)
     
  • BTC-CAD

    25,972.16
    -81.15 (-0.31%)
     
  • CMC Crypto 200

    434.61
    -9.92 (-2.23%)
     
  • GOLD FUTURES

    1,651.70
    -29.40 (-1.75%)
     
  • RUSSELL 2000

    1,679.59
    -42.72 (-2.48%)
     
  • 10-Yr Bond

    3.6970
    -0.0110 (-0.30%)
     
  • NASDAQ

    10,867.93
    -198.88 (-1.80%)
     
  • VOLATILITY

    29.92
    +2.57 (+9.40%)
     
  • FTSE

    7,018.60
    -140.92 (-1.97%)
     
  • NIKKEI 225

    27,153.83
    -159.30 (-0.58%)
     
  • CAD/EUR

    0.7588
    +0.0052 (+0.69%)
     

Helmerich & Payne (HP) Just Overtook the 20-Day Moving Average

·1 min read

Helmerich & Payne (HP) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, HP crossed above the 20-day moving average, suggesting a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

HP could be on the verge of another rally after moving 13.6% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.

Once investors consider HP's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 2 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.

Investors should think about putting HP on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Helmerich & Payne, Inc. (HP) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.