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

By Amy Schwartz

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 $22.55 and $22.77 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.

Potential upside of 11.7% exists for Hp Inc, based on a current level of $22.71 and analysts' average consensus price target of $25.38. The stock should discover initial support at its 50-day moving average (MA) of $21.28 and subsequent support at its 200-day MA of $19.77.

Over the past year, Hp Inc has traded in a range of $15.93 to $24.09 and is now at $22.71, 43% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.6%.

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

Keywords: bearish inside day candle hp inc

Ticker(s): HPQ