Will HP INC breakout?

Our stock screener has flagged HP INC (NYSE:HPQ) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:HPQ for potential movement.

In-Depth Technical Analysis of NYSE:HPQ

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Taking everything into account, HPQ scores 9 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, HPQ is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that HPQ is one of the better performing stocks in the market, outperforming 71% of all stocks. On top of that, HPQ also shows a nice and consistent pattern of rising prices.
• HPQ 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 HPQ is lagging the market slightly.
• HPQ is an average performer in the Technology Hardware, Storage & Peripherals industry, it outperforms 61% of 32 stocks in the same industry.
• In the last month HPQ has a been trading in the 35.39 - 37.97 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of HPQ for a complete technical analysis.

Looking at the Setup

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:HPQ exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

HPQ has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 37.35. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.99, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:HPQ

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.

Every day, new breakout setups can be found on ChartMill 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.