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Hewlett-Packard Co., Technical Analysis

12/8/2022 10:32 AM

Shares of Hewlett-Packard Co., the US IT giant, are on a corrective trend at 27.80.

On the daily chart, the price is above the resistance line of a wide downward channel with dynamic boundaries at 18.00–27.00, realizing a reverse test of the recently passed level.

On the four-hour chart, it can be seen that after overcoming the global resistance line at 29.00, the quotes form a corrective Flag pattern of trend continuation with local boundaries of 27.50–29.50, in the case of the classical implementation of which the asset may return to the local high at 32.00.

Technical indicators keep a buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram forms downward bars in the buying zone.

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