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HPE fails to close above 20-day moving average


Technical Analysis Report for HPE - Apr 16, 2018 [1 min read]
Highlights
HPE finds buyers at key support level
HPE pushes through 50-day moving average
HPE fails to close above 20-day moving average
HPE pushes through previous session high
HPE rises to highest close since March 28th
TQ Sentiment
Technical Forecast:
Overview

HPE finished Monday at 17.56 gaining $0.16 (0.92%) on high volume. Today's closing price of 17.56 marks the highest close since March 28th. Closing above Friday's high at 17.51, Hewlett Packard confirms its breakout through the previous session's high having traded $0.16 above it intraday.

Daily chart for HPE
Volatility

Monday's trading range was $0.31 (1.78%), that's below last trading month's daily average range of $0.41. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 17.07 and 17.67 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 17.36 during the day, the share bounced off the key support level at 17.42. The failure to close below the support might increase that levels importance as support going forward. After spiking up to 17.67 during the day, the market found resistance at the 20-day moving average at 17.60.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock managed to break above the 50-day moving average at 17.50 today for the first time since February 9th.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 17.18 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 20 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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