HPE fails to close above 20-day moving average
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.
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.
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.
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.
Selling could accelerate should prices move below the close-by swing low at 17.18 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Hewlett Packard Enterprise
|Black Candle||TQ Pro Members Only|
|Bearish Short Candle||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
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