HPQ pops to highest close since February 27, 2019
HP Inc. (HPQ) Technical Analysis Report for Jan 23, 2020 | by Techniquant Editorial Team
HPQ finished Thursday at 22.10 gaining $0.17 (0.78%), outperforming the S&P 500 (0.11%). Today's close at 22.10 marks the highest recorded closing price since February 27, 2019. Closing above Wednesday's high at 21.96, the market confirmed its breakout through the previous session high after trading up to $0.21 above it intraday.
Daily Candlestick Chart (HPQ as at Jan 23, 2020):
Thursday's trading range has been $0.30 (1.37%), that's slightly 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. The last time a White Candle showed up on January 17th, HPQ actually lost -0.05% on the following trading day.
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(2) above 80" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for HP. Out of 294 times, HPQ closed higher 50.68% 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 56.80% with an average market move of 0.41%.