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Hewlett-Packard Co., Technical Analysis

9/12/2022 12:09 PM

Shares of Hewlett-Packard Co., an American IT company providing hardware and software services, are moving in a corrective trend around 28.20.

On the daily chart, the price started working out the global Head and shoulders reversal pattern, consolidated below the Neck line at 29.00, coinciding with the initial Fibonacci extension trend.

On the four-hour chart, it is seen that the quotes are trying to retest the passed level, after which the global decline can be continued. The target support for the downward movement is the basic Fibonacci extension trend, around 24.70.

Technical indicators keep a stable sell signal: the Alligator indicator's fast EMA oscillation range expands downwards, and the AO oscillator histogram forms downward bars.

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