Company Description: Hess Corporation, together with its subsidiaries, engages in the exploration, development, production, purchase, transportation, and sale of crude oil and natural gas worldwide. It operates in two segments, Exploration and Production (E&P) and Marketing and Refining (M&R). The E&P segment explores for, develops, produces, purchases, transports, and sells crude oil and natural gas. Its exploration and production activities take place principally in Algeria, Australia, Azerbaijan, Brazil, Denmark, Egypt, Equatorial Guinea, Gabon, Ghana, Indonesia, Libya, Malaysia, Norway, Peru, Russia, Thailand, the United Kingdom, and the United States. The M&R segment manufactures, purchases, transports, trades, and markets refined petroleum products, natural gas, and electricity. It owns 50% of a refinery joint venture in the United States Virgin Islands, and another refining facility, terminals, and retail gasoline stations with convenience stores on the East Coast of the United States. The company markets refined petroleum products on the East Coast of the United States to the motoring public, wholesale distributors, industrial and commercial users, other petroleum companies, governmental agencies, and public utilities. As of December 31, 2008, the company operated 1,366 HESS gasoline stations, including stations owned by the WilcoHess joint venture. In addition, Hess Corporation has a 92.5% interest in Hess LNG, which is pursuing investments in liquefied natural gas terminals and related supply, trading, and marketing opportunities; and has a 50% voting interest in a consolidated partnership that trades energy commodities and derivatives. It owned 21 terminals with an aggregate storage capacity of 22 million barrels in its East Coast marketing areas; and a terminal in St. Lucia with a storage capacity of 10 million barrels, which is operated for third party storage. The company was founded in 1920 and is based in New York, New York.

Our Analysis: The shares of Hess Corp. 'HES' have been trending lower since the start of August. They closed Friday by closing below a recently established support level. This is a bearish trading signal. The shares of 'HES' should continue to move lower and test $49.35/share, the point from which they gapped higher on the open of trading on July 15th of this year. If the shares of 'HES' close below that level as I expect they will, then they should continue to move lower and test $47.50/share, a point of downside support established on July 10th of this year. If the shares of 'HES' manage to move below both of these price targets then I see the next level of support coming in at $38.49/share. I see upside resistance on the shares of 'HES' @ $51.72/share and have set my stops accordingly at $52.19/share.