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Uptrend ExhaustionArchive
- 5/10/2024 -
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Hewlett-Packard (HPQ) Technical Analysis
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| Summary:
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| | It was a third positive week after 3 consecutive negative weeks for the Hewlett-Packard (HPQ). During the week, the HPQ gained 1.54 points, or 5.46%, and closed at 29.72 on Friday, May 10, 2024. Weekly volume was -29% below average.
 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 (25.96) 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 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 11 weeks. The chart has formed a Ascending Triangle chart pattern. The trend support level is at 28.82 and resistance is at 30.96. An Ascending Triangle is a variation of triangle formation that has a flat resistance line and rising support line. The higher lows indicate an increasing demand and give the ascending triangle definitive bullish bias. An Ascending Triangle usually represents an accumulation stage in bullish market. An Ascending Triangle is considered to be a continuation pattern, especially in an uptrend, but it may also mark a reversal in a downtrend. Use the following link to access a Ascending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Ascending Triangle pattern in a medium-term trend.
 Weekly Technical Indicators: [See HPQ weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 12, 2024. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See HPQ short-term trend chart]
A short-term downtrend had started on March 8, 2024 at 31.05 and reached 27.43 on April 24, 2024. HPQ lost 3.62 points, or 11.66%, in 47 days. The chart has formed a Broadening Descending Wedge chart pattern. The price is near the trend resistance line (29.61). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a short-term trend.
 Daily Technical Indicators: [See HPQ daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is above its signal line since April 26, 2024.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price 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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