HPQ ends the day on a bullish note closing near the high of the day
HP Inc. (HPQ) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HPQ ended the week 0.33% higher at 21.23 after surging $0.38 (1.82%) today, significantly outperforming the S&P 500 (0.46%). This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on June 18th, HPQ gained 0.54% on the following trading day. Today's close at 21.23 marks the highest recorded closing price since February 27th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (HPQ as at Jul 12, 2019):
Friday's trading range has been $0.30 (1.43%), that's slightly below the last trading month's daily average range of $0.31. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HPQ.
One bullish candlestick pattern matches today's price action, the White Candle.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to July's high at 21.38, upside momentum might speed up should the share mark new highs for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for HP. Out of 88 times, HPQ closed higher 53.41% 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 two trading days, showing a win rate of 56.82% with an average market move of 0.17%.