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Technical Analysis – Hewlett-Pack (HP) eases below 3-year high; aggressive bullish mode in long term
September 26, 2018 1:25 pmVideo
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Hewlett-Pack (HP) stock has reversed to the downside after it challenged a fresh three-year high of 26.10 on September 21. Momentum indicators in the daily chart are currently supporting the weakness of the positive momentum. Specifically, the RSI is slipping below the overbought zone and the MACD is ready for a bearish cross with the trigger line.
If the stock continues the downside pressure and starts a bearish correction mode, then the expectation is a touch of the immediate support of 25.27. A break below this level would pave the way towards the next obstacle of the 24.30 support barrier before heading towards the 23.65, which stands near the long-term ascending trend line.
On the flip side, a clear jump above the three-year high (26.10) would bring the price until the 26.68 resistance level, identified by the low on October 2015. The next level for investors to have in mind are the round numbers 27.00 and 28.00 before touching the 29.20 resistance, achieved on October 2015 as well.
Regarding the long-term view, HP stock price has been holding within an aggressive upside tendency over the last couple of years, while it is worth mentioning that the price remains well above the 50- and 200-simple moving averages (SMAs) in the daily chart.
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