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

By James Quinn

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. Yesterday's price range of $21.87 and $21.93 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 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 (NYSE:HPQ) has potential upside of 16.3% based on a current price of $21.82 and analysts' consensus price target of $25.38. The stock should discover initial support at its 50-day moving average (MA) of $20.41 and subsequent support at its 200-day MA of $19.56.

In the past 52 weeks, shares of Hp Inc have traded between a low of $15.93 and a high of $24.09 and closed yesterday at $21.82, which is 37% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

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.

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 6.8%. We continue to monitor HPQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle hp inc

Ticker(s): HPQ