Technical Analysis of Financial Markets

Friday, December 29, 2006

Helmerich & Payne Inc. (HP)

Oil/gas drilling and exploration company Helmerich & Payne has currently found support at the 50% Fibonacci retracement level of a 3-month uptrend which saw price action rally 30%. With oversold stochastics crossing over and RSI turning bullish; a price target around $26.50 towards the underside of the broken trendline should see a quick ~6% gain -where a short position can be initiated. Stop-loss: close below $24.44

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