HPQ pushes through Monday's high
HP Inc. (HPQ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, HPQ finished the month 15.13% higher at 17.43 after gaining $0.30 (1.75%) today on low volume, slightly outperforming the S&P 500 (1.54%). Today's close at 17.43 marks the highest recorded closing price since June 9th. Closing above Monday's high at 17.28, the market confirmed its breakout through the previous session high after trading up to $0.19 above it intraday.
Daily Candlestick Chart (HPQ as at Jun 30, 2020):
Tuesday's trading range has been $0.49 (2.86%), that's below the last trading month's daily average range of $0.65. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for HPQ.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 100-day moving average at 17.20 for the first time since June 8th. When this moving average was crossed above the last time on June 8th, HPQ actually lost -3.69% on the following trading day. Prices are trading close to the key technical resistance level at 17.48 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to June's high at 18.33, upside momentum might speed up should HP mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for HP. Out of 36 times, HPQ closed higher 63.89% 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 69.44% with an average market move of 2.32%.