Home
News
- 1 Hewlett Packard stock price closed at $17.98 with a gain of 5.83% during the last intraday session.
- 2 HPE stock price has surged above 20,50,100 and 200-day exponential moving averages.
- 3 The year-to-date return of Hewlett Packard is 11.75%.
Hewlett Packard (HPE) stock price has in a bullish momentum since the start of May, rising from the low of $13.70. The stock price witnessed a rise of approximately 31% from the low. However, the bullish rally was halted as soon as the price rejected the $18.10 level.
The stock price then retraced and formed a support at $16.30. On 29 August, 2023, the company released its third-quarter report which induced positive sentiment in the market and the stock price surged to retest the $18.10 level.
If the next candle can break the high of the last candle and potentially the $18.10 resistance level, it might head toward the next resistance level of $19.50. On the other hand, if the price rejects the $18.10 level, it might retrace back to the recent support of $16.30.
Third Quarter Financial Report Released
The company reported its third-quarter report on 29 August. The earnings per share was estimated to be $0.466 while the company reported $0.49, a surprise of $0.024 (5.22%). The reported figure was up 12.1% from the year-ago quarter earnings.
The consensus estimated the revenue to be $6.99 Billion while Hewlett Packard reported $7.002 Billion, a surprise of $12.22 Million (0.17%).
Revenue increased 0.7% from the previous year’s quarter. The demand for products of Hewlett Packard continued to increase during the reported quarter. HPE generated a free cash flow of $955 Million and $1.5 Billion in cash from operational activities.
Hewlett Packard initiated its fourth-quarter guidance and raised the outlook for 2023. The company expects revenue between $7.2 Billion and $7.5 Billion in the fourth quarter. The company estimates earnings per share to be in the range of 36-42 cents and 48-52 cents. HPE continues to expect a free cash flow between the range of $1.9 Billion to $2.1 Billion.
Will HPE Stock Price Reach $19.50 in Upcoming Days?
The stock price has advanced above the 20, 50, 100, and 200-day exponential moving averages after the release of the third-quarter report, indicating bullish momentum. Chaikin money flow (CMF) score has crossed above 0 mark and stands at 0.04 indicating strength in the market.
The relative strength index stands at 62.58, nearing the overbought zone, indicating bullish momentum in the price which supports the current price action.
Conclusion
The market structure and price action of Hewlett Packard is strongly bullish and the price might break the resistance level of $18.10 if momentum prevails. Technical parameters favor the buying side but traders should closely look at RSI as it will soon enter into an overbought zone.
Technical Levels
- Major support: $16.30 and $13.70
- Major resistance: $18.10 and $19.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
