HP is showing significant strength right now
Based on the analysis above in HP, traders should determine that their portfolio can handle the additional risk from a new position. Also be sure that HP is not significantly correlated with your existing positions. Lastly, experienced traders never ignore how a new addition relates both to the overall market conditions as well as their existing account. For example, check the S&P 500. Is it trending or stationary recently? Has it moved up or down though key levels? Be sure to matvh up your trading actions on HP with the overall market so you are fighting the crowd.
Currently the important sentiment levels, evaluated by Traders For Wealth, have shown an increasingly negative bias toward HP. Also, the price action in HP has been moving up a lot. This is a strong sign for a potential upside contrarian play. Traders should view this as a bullish trade and make sure it aligns with the overall market mood, and their current positions.
Helmerich & Payne (HP)
Helmerich & Payne, Inc. is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three segments: U.S. Land, Offshore and International Land. The Company is also engaged in the ownership, development and operation of commercial real estate and the research and development of rotary steerable technology. Its real estate investments are located within Tulsa, Oklahoma, and include a shopping center containing approximately 441,000 leasable square feet, multi-tenant industrial warehouse properties containing approximately one million leasable square feet and approximately 210 acres of undeveloped real estate. The Company provides drilling rigs, equipment, personnel and camps on a contract basis. The Company’s subsidiaries include Helmerich & Payne International Drilling Co. and Helmerich & Payne de Venezuela, C.A.