• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Hewlett-Packard (NYSE:HPQ)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hewlett-Packard (NYSE:HPQ) based on the price action in the company's shares. Today's price range of $17.40 and $17.52 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Hewlett-Packard may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Hewlett-Packard Company provides imaging and printing systems, computing systems, and information technology services for business and home. The Company's products include laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. Hewlett-Packard sells its products worldwide.

In the past 52 weeks, Hewlett-Packard share prices have been bracketed by a low of $8.91 and a high of $17.96 and are now at $17.50, 96% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.8%.

Hewlett-Packard (NYSE:HPQ) has potential upside of 0.1% based on a current price of $17.50 and analysts' consensus price target of $17.51. The stock should find initial support at its 200-day moving average (MA) of $12.08 and further support at its 50-day MA of $11.93.

SmarTrend recommended that subscribers consider buying shares of Hewlett-Packard on February 14th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.18. Since that recommendation, shares of Hewlett-Packard have risen 7.4%. We continue to monitor HPQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Hewlett-Packard

Ticker(s): HPQ