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HPQ runs into sellers around 22.03 for the third day in a row


Technical Analysis Report for HPQ - Apr 16, 2018 [1 min read]
Highlights
HPQ runs into sellers around 22.03 for the third day in a row
HPQ fails to close above 100-day moving average
HPQ stuck within tight trading range
HPQ closes within previous day's range after lackluster session
TQ Sentiment
Technical Forecast:
Overview

HPQ ended Monday at 21.85 gaining $0.08 (0.37%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for HPQ
Volatility

Monday's trading range was $0.31 (1.41%), that's far below last trading month's daily average range of $0.54. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 21.65 and 22.12 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 21.58. The stock ran into sellers again today around 22.03 for the third trading day in a row after having found sellers at 22.12 in the previous session and at 22.10 two days ago. After spiking up to 22.03 during the day, the market found resistance at the 100-day moving average at 21.97.

Trend

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could speed up should prices move above the close-by swing high at 22.12 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 21.65 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 100 TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

HPQ ends the day indecisive

Apr 24, 2018
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