Technical Setup: HEWLETT PACKARD ENTERPRISE Appears Poised for a Breakout.

Our stock screener has spotted HEWLETT PACKARD ENTERPRISE (NYSE:HPE) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:HPE.

Deciphering the Technical Picture of NYSE:HPE

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

We assign a technical rating of 9 out of 10 to HPE. Both in the recent history as in the last year, HPE has proven to be a steady performer, scoring decent points in every aspect analyzed.

• 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!
• Looking at the yearly performance, HPE did better than 81% of all other stocks.
• 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 part of the Technology Hardware, Storage & Peripherals industry. There are 31 other stocks in this industry, HPE did better than 56% of them.

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

How do we evaluate the setup for NYSE:HPE?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:HPE this score is currently 8:

Besides having an excellent technical rating, HPE 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 21.18, a Stop Loss order could be placed below this zone.

How can NYSE:HPE be traded?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

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.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.