Shares of independent energy name Hess Corp. (HES) have been in a strong advance since early 2020. The stock made a new high for the move up Wednesday so let's check the charts and indicators for some upside price targets.
In the daily bar chart of HES, below, we can see an uptrend unfolding the past 12 months. The shares have made higher lows and higher highs -- the simple definition of an uptrend. HES trades above the rising 50-day moving average line and the rising 200-day moving average line.
The On-Balance-Volume (OBV) line has moved sideways since April but is close to making a new high for its move up. The trend-following Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In the weekly Japanese candlestick chart of HES, below, we can see the past three years of price action. Prices are in a clear and durable uptrend as HES trades above the rising 40-week moving average line.
The weekly OBV line is bullish and more positive looking than the daily OBV line. Prices have broken out to a new high and the candles are not showing us any top patterns. The MACD oscillator has turned upwards to a new buy signal.
In this daily Point and Figure chart of HES, below, we can see the recent new highs and a potential price target in the $193 area.
In this weekly Point and Figure chart of HES, below, we see the same $193 price objective.
Bottom-line strategy: In the short-run shares of HES could trade sideways or even dip towards $140. Traders should use this movement to go long or increase their existing long position. The $193 area is our target and $126 is our risk point.
