Hewlett Packard’s Sneaky Breakout
Technology stocks have pulled back sharply in the last week, but Hewlett Packard Enterprise is breaking out.
The first pattern on today’s chart is $17.76, where HPE peaked in February 2022. The stock ripped through that level on Tuesday to make a new five-year high.
Next, consider how prices briefly dipped under Monday’s low before rallying. The result was a bullish outside candle.
Third, higher lows since late June have produced an ascending triangle. Tuesday's surge represents a breakout from that potentially bullish continuation pattern.
Fourth, the 8-day exponential moving average (EMA) has remained above the 21-day EMA since late May.
There’s no clear reason for HPE’s strong price action. Guidance was cut after the last quarterly report, but the company unveiled an Artificial Intelligence (AI) platform about three weeks ago. The next quarterly report is on August 29.
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The first pattern on today’s chart is $17.76, where HPE peaked in February 2022. The stock ripped through that level on Tuesday to make a new five-year high.
Next, consider how prices briefly dipped under Monday’s low before rallying. The result was a bullish outside candle.
Third, higher lows since late June have produced an ascending triangle. Tuesday's surge represents a breakout from that potentially bullish continuation pattern.
Fourth, the 8-day exponential moving average (EMA) has remained above the 21-day EMA since late May.
There’s no clear reason for HPE’s strong price action. Guidance was cut after the last quarterly report, but the company unveiled an Artificial Intelligence (AI) platform about three weeks ago. The next quarterly report is on August 29.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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