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- 3/15/2024 -
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Hewlett-Packard (HPQ) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtBroken trend resistance lineBroken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtStochastic has declined below the signal line20 Day Moving Average has crossed above the 50 Day Moving Average
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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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 67.23
Williams' Percentage Range (W%R) 17.70
Overbought
Lane's Stochastic (%D-Slow) 83.07
Overbought
Greed/Fear Indicator (GFI) 77.53
Moving Average Converg./Diverg. (MACD) 0.32
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 55.94
Williams' Percentage Range (W%R) 13.10
Overbought
Lane's Stochastic (%D-Slow) 46.90
Greed/Fear Indicator (GFI) 61.41
Moving Average Converg./Diverg. (MACD) -0.03
Trading Signals
Description Value Chart
Upper Bollinger Band 31.58
Daily Stochastic Crossing 30.73
Price 30.42
Parabolic System 29.95
Yearly Trendline Resistance 29.79
Monthly Trendline Resistance 29.62
20 Day Moving Average 29.54
Weekly Stochastic Crossing 29.47
50 Day Moving Average 29.31
Lower Bollinger Band 28.00
Monthly Trendline Support 27.92
Weekly Trendline Support 27.91
Yearly Trendline Support 25.77
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Technology Hardware, Storage & Peripherals 31
Daily Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Low 27.66
Low Date 02/29/2024
High 31.05
High Date 03/08/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 37.11
Support 27.91
Low 25.22
Low Date 09/28/2023
High 31.17
High Date 12/14/2023
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 29.62
Support 27.92
High 33.90
High Date 07/12/2023
Low 25.22
Low Date 09/28/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 24.08
Low Date 10/13/2022
High 33.90
High Date 07/12/2023
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 29.79
Support 25.77
High 41.47
High Date 04/07/2022
Low 24.08
Low Date 10/13/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.