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Technology Hardware, Storage & Peripherals Industry Stocks Technical Analysis - HPQArchive - 3/15/2024 - Sign In to see current Signals. |
Hewlett-Packard (HPQ) Technical Analysis
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| | It was the negative week for the Hewlett-Packard (HPQ). During the week, the HPQ dropped -0.32 points, or -1.04%, and closed at 30.42 on Friday, March 15, 2024. Weekly volume was 15% above average. HPQ is a member of Information Technology Sector. Information Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry. Long-term trend: [See HPQ long-term trend chart] A long-term downtrend had started on April 7, 2022 at 41.47 and reached 24.08 on October 13, 2022. HPQ lost 17.39 points, or 41.93%, in 27 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (25.77) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. HPQ may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend. Medium-term trend: [See HPQ medium-term trend chart] A medium-term downtrend had started on July 12, 2023 at 33.90 and reached 25.22 on September 28, 2023. HPQ lost 8.68 points, or 25.60%, in 11 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (27.92) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. HPQ may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend. Weekly Technical Indicators: [See HPQ weekly technical indicators chart] Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help. The weekly MACD line is above its signal line since November 24, 2023. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help. Short-term trend: [See HPQ short-term trend chart] A short-term uptrend had started on September 28, 2023 at 25.22 and reached 31.17 on December 14, 2023. HPQ gained -5.95 points, or -23.59%, in 77 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 27.91 and resistance is at 37.11. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend. Daily Technical Indicators: [See HPQ daily technical indicators chart] Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Use the following link to access Lane's Stochastic help. The daily MACD line is above its signal line since February 14, 2024. This is an indication that the short-term trend is up. During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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