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Hewlett-Packard Co., Technical Analysis

2/6/2023 10:05 AM

The shares of Hewlett-Packard Co., the US IT giant, are on a corrective trend at 30.50.

On the daily chart, the price is correcting within the local ascending corridor with the dynamic boundaries of 27.00–33.00, trying to consolidate above the previous high at 31.00.

On the four-hour chart, the quotes consolidated above the 38.2% Fibonacci baseline correction at 30.00, and the next obstacle is the local high of November 15 at 31.00, overcoming which will be the main indicator of further growth.

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

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