Petroleum contract drilling company Helmerich & Payne HP was downgraded Wednesday by TheStreet's Quant Ratings service. Let's check the charts and technical indicators to add some color.
In the daily bar chart of HP, below, I see a mixed picture. The shares have traded sideways since April or May, which is not bad in a bear market for most stocks but twin peaks in HP in June and November is another way to view the chart below. Twin peaks, or a double top, is a potential top reversal. HP is currently below the 50-day moving average line and only slightly above the rising 200-day line.
The volume histogram is not bullish and the daily On-Balance-Volume (OBV) line has been in a downward trend from early March. A declining OBV line is the result of heavier trading volume on days when HP closes lower. The Moving Average Convergence Divergence (MACD) oscillator is bearish.