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Possible Bearish Inside Day Candle Pattern Detected for Hp Inc (NYSE:HPQ)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hp Inc (NYSE:HPQ) based on the price action in the company's shares. Today's price range of $21.60 and $21.65 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. Owners of Hp Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

Potential upside of 17.5% exists for Hp Inc, based on a current level of $21.60 and analysts' average consensus price target of $25.38. Hp Inc shares have support at the 50-day moving average (MA) of $20.30 and additional support at the 200-day MA of $19.54.

In the past 52 weeks, shares of Hp Inc have traded between a low of $15.93 and a high of $24.09 and are now at $21.60, which is 36% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.5%.

SmarTrend recommended that subscribers consider buying shares of Hp Inc on November 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.58. Since that recommendation, shares of Hp Inc have risen 5.3%. We continue to monitor HPQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle hp inc

Ticker(s): HPQ