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

By Shiri Gupta

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 $14.09 and $14.26 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.

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 $14.23, which is 60% 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%.

Potential upside of 9.2% exists for Hewlett-Packard, based on a current level of $14.23 and analysts' average consensus price target of $15.54. The stock should discover initial support at its 200-day moving average (MA) of $12.08 and subsequent support at its 50-day MA of $11.93.

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.

SmarTrend is tracking the current trend status for Hewlett-Packard and will alert subscribers who have HPQ in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Hewlett-Packard

Ticker(s): HPQ