HPQ dominated by bulls lifting the market higher throughout the day
HP Inc. (HPQ) Technical Analysis Report for Jan 17, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HPQ ended the week 2.76% higher at 21.97 after surging $0.30 (1.38%) today on high volume, outperforming the S&P 500 (0.39%) ahead of tomorrow's Martin Luther King Jr. Day market holiday. Today's close at 21.97 marks the highest recorded closing price since February 27, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 21.67, the market confirmed its breakout through the previous session high after trading up to $0.31 above it intraday.
Daily Candlestick Chart (HPQ as at Jan 17, 2020):
Friday's trading range has been $0.45 (2.08%), that's far above the last trading month's daily average range of $0.28. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HPQ.
One bullish candlestick pattern matches today's price action, the White Candle.
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 although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 20.92.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for HP. Out of 167 times, HPQ closed higher 54.49% 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 56.89% with an average market move of 0.64%.