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

By Amy Schwartz

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 $11.60 and $11.75 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.

Hewlett-Packard has overhead space with shares priced $11.67, or 24.9% below the average consensus analyst price target of $15.54. Hewlett-Packard shares should first meet resistance at the 50-day moving average (MA) of $11.93 and find additional resistance at the 200-day MA of $12.08.

In the past 52 weeks, shares of Hewlett-Packard have traded between a low of $8.91 and a high of $16.16 and are now at $11.67, which is 31% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.8%.

SmarTrend is monitoring the recent change of momentum in Hewlett-Packard. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Hewlett-Packard in search of a potential trend change.

Keywords: bullish inside day candle Hewlett-Packard

Ticker(s): HPQ