Round 90 Number Relevance:
Studies have shown that stocks that trade through the very round 90 number often go on to trade through par (jibberish for 100) and above. There are many names there at the moment, outside of energy that seem to be struggling there which I am keeping an eagle eye on. They include SIG in consumer discretionary and DOCN in technology to name a couple. Below is a name that you can add to that list in the energy arena in HES. It is an integrated name and it too looks a bit uncomfortable making a decisive CLOSE above the 90 level. Before Wednesday it has traded above 90 intraday 7 consecutive sessions, with just 3 CLOSES above and none back to back or finishing above 90.15 (4 of those 7 traded intraday to 92 before reversing). Going back to June it was a familiar area of resistance with just 3 CLOSES above 90 as well, after spending the whole month right in the vicinity. Admire its tenacity for hanging around here once again, but it needs to break and CLOSE above the area or a double top may see the name “drill” itself lower, pun intended.