HPQ pops to highest close since July 30, 2019
HP Inc. (HPQ) Technical Analysis Report for Jan 10, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, HPQ finished the week 4.14% higher at 21.38 after gaining $0.14 (0.66%) today, outperforming the S&P 500 (-0.29%). Today's close at 21.38 marks the highest recorded closing price since July 30, 2019.
Daily Candlestick Chart (HPQ as at Jan 10, 2020):
Friday's trading range has been $0.28 (1.32%), that's slightly above the last trading month's daily average range of $0.27. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HPQ.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 20.62.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for HP. Out of 40 times, HPQ closed lower 50.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 57.50% with an average market move of -1.08%.