Market Analysis: Shares of HPQ Fall Sharply after Report


→ Revenue decreased by 10% to USD 13.2 billion compared to USD 14.65 billion a year ago. This was the third quarter in a row that HP fell short of analysts' estimates.

→ “While we expect another quarter of sequential growth in Q4, the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result,” said HP CEO Enrique Lores.

→ Earnings per share was 86 cents (in line with forecasts), and the company estimates earnings for the next quarter could be between 85 cents and 97 cents.

As a result, at yesterday's low, the fall in the share price of HP Inc. exceeded 10%. Can the fall continue?

An analysis of the HPQ stock chart makes a strong bullish case:

→ HPQ price closed at the high of the day;

→ the price has found support from the lower boundary of the parallel channel;

→ the price fell below the support at 28.90, but closed above. This may mean that the increased volatility and activation of stop-losses located below the obvious support could be used by large players to accumulate long-term long positions at low prices, which were formed for a short period after the fundamental event.

By the way, according to Lores, the availability of artificial intelligence products at the end of 2024 should refresh consumer and commercial sales.

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