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Possible Bearish Inside Day Candle Pattern Detected for Hewlett Packa (NYSE:HPE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hewlett Packa (NYSE:HPE) based on the price action in the company's shares. Yesterday's price range of $9.58 and $10.26 is within the prior day'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. Owners of Hewlett Packa may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

In the past 52 weeks, shares of Hewlett Packa have traded between a low of $7.43 and a high of $17.59 and closed yesterday at $9.82, which is 32% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.7% while the 200-day MA has slid 0.8%.

Hewlett Packa (NYSE:HPE) has potential upside of 93.9% based on a current price of $9.82 and analysts' consensus price target of $19.05. The stock should find initial resistance at its 50-day moving average (MA) of $12.71 and further resistance at its 200-day MA of $14.49.

SmarTrend recommended that its subscribers protect gains by selling shares of Hewlett Packa on November 27th, 2019 by issuing a Downtrend alert when the shares were trading at $15.88. Since that call, shares of Hewlett Packa have fallen 38.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle hewlett packa

Ticker(s): HPE