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Hewlett-Packard Co., Technical Analysis

11/2/2022 11:26 AM

The shares of Hewlett-Packard Co., an American IT company providing hardware and software services, are moving within a corrective trend around 27.85.

On the daily chart, the price is growing in the direction of the resistance line within a wide downward channel with dynamic boundaries at 22.00–30.00.

On the four-hour chart, it can be seen that after reaching the support line of the global channel around 24.80, a Head and shoulders reversal formation has formed and is being worked out, the global target for which is 30.70, which coincides with the base correction level of 38.2% by Fibonacci.

Technical indicators reversed and gave a buy signal: fast EMAs on the Alligator indicator crossed the signal line upwards, and the AO oscillator histogram is forming upward bars in the buying zone.

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