Uncovering Noteworthy Technical Analysis Findings for HP INC (NYSE:HPQ).

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.

Deciphering the Technical Picture of NYSE:HPQ

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 7 out of 10 to HPQ. Although HPQ is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• 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.
• In the last month HPQ has a been trading in the 35.39 - 38.67 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When compared to the yearly performance of all other stocks, HPQ outperforms 66% of them, which is more or less in line with the market.
• HPQ is an average performer in the Technology Hardware, Storage & Peripherals industry, it outperforms 61% of 32 stocks in the same industry.

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

How does the Setup look for NYSE:HPQ

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:HPQ has a 8 as its setup rating:

Besides having an excellent technical rating, HPQ 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 36.05, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:HPQ?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:HPQ and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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.