HPE dominated by bulls lifting the market higher throughout the day

Hewlett Packard Enterprise Company (HPE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team


HPE pushes through key technical resistance level
HPE dominated by bulls lifting the market higher throughout the day
HPE closes higher for the 4th day in a row
HPE pushes through Monday's high


Moving higher for the 4th day in a row, HPE ended the month 0.21% higher at 9.73 after gaining $0.15 (1.57%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 9.64, Hewlett Packard confirmed its breakout through the previous session high after trading up to $0.12 above it intraday.

Daily Candlestick Chart (HPE as at Jun 30, 2020):

Daily technical analysis candlestick chart for Hewlett Packard Enterprise Company (HPE) as at Jun 30, 2020

Tuesday's trading range has been $0.25 (2.62%), that's far below the last trading month's daily average range of $0.39. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HPE.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on May 27th, HPE actually lost -1.74% on the following trading day.

Buyers managed to take out the key technical resistance level at 9.69 (now S1), which is likely to act as support going forward.

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying might accelerate should prices move above the nearby swing high at 10.00 where further buy stops could get triggered.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Hewlett Packard. Out of 114 times, HPE closed higher 57.02% 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 57.89% with an average market move of 0.89%.

Market Conditions for HPE as at Jun 30, 2020

Loading Market Conditions for HPE (Hewlett Packard Enterprise Company)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Hewlett Packard Enterprise Company traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!