HPE surges 12.14% on low volume


Hewlett Packard Enterprise Company (HPE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

HPE rallies 12.14% on low volume
HPE breaks above 20-day moving average for the first time since February 12th
HPE dominated by bulls lifting the market higher throughout the day
HPE closes higher for the 3rd day in a row
HPE pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, HPE finished Thursday at 10.53 surging $1.14 (12.14%) on low volume, notably outperforming the S&P 500 (6.24%). This is the biggest single-day gain in over two years. The last time we've seen such an unusually strong single-day gain on Tuesday, HPE gained 5.03% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 10.08, Hewlett Packard confirmed its breakout through the prior session high after trading up to $0.53 above it intraday.

Daily Candlestick Chart (HPE as at Mar 26, 2020):

Daily technical analysis candlestick chart for Hewlett Packard Enterprise Company (HPE) as at Mar 26, 2020

Thursday's trading range has been $1.15 (12.03%), that's above the last trading month's daily average range of $0.91. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for HPE.

One bullish candlestick pattern matches today's price action, the White Candle.

The share managed to close above the 20-day moving average at 10.30 for the first time since February 12th.

Though the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Hewlett Packard. Out of 55 times, HPE closed higher 70.91% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.18% with an average market move of 0.87%.


Market Conditions for HPE as at Mar 26, 2020

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