HEWLETT PACKARD ENTERPRISE (NYSE:HPE) Technical Analysis observations.

Our stockscreener has identified a possible breakout setup on HEWLETT PACKARD ENTERPRISE (NYSE:HPE). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:HPE for potential opportunities.

Zooming in on the technicals.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 7 out of 10 to HPE. In the last year, HPE was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• HPE is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so HPE is lagging the market slightly.
• HPE is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• When comparing the yearly performance of all stocks, we notice that HPE is one of the better performing stocks in the market, outperforming 83% of all stocks. However, this relatively good performance is mostly due to a recent big move.
• HPE is an average performer in the Technology Hardware, Storage & Peripherals industry, it outperforms 58% of 32 stocks in the same industry.

For an up to date full technical analysis you can check the technical report of HPE

Why is NYSE:HPE a setup?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:HPE is 8:

HPE has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 20.48, a Stop Loss order could be placed below this zone.

How can NYSE:HPE be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.