HPE closes above its opening price after recovering from early selling pressure
Hewlett Packard Enterprise (HPE) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, HPE finished the week 0.3% higher at 16.58 after gaining $0.04 (0.24%) today. Today's closing price of 16.58 marks the highest close since September 5th. Trading up to $0.07 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $0.18 (1.09%), that's far below last trading month's daily average range of $0.41. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 16.73.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying could accelerate should prices move above the close-by swing high at 16.73 where further buy stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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