Market Analysis: Shares of HPQ Fall Sharply after Report

<img src="https://fxopen.com/blog/en/content/images/2023/08/hp.jpg" alt="Market Analysis: Shares of HPQ Fall Sharply after Report" /><p>&#x2192; 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&apos; estimates.</p><p>&#x2192; &#x201C;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,&#x201D; said HP CEO Enrique Lores.</p><p>&#x2192; 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.</p><p>As a result, at yesterday&apos;s low, the fall in the share price of HP Inc. exceeded 10%. Can the fall continue?</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/08/313.png" alt="Market Analysis: Shares of HPQ Fall Sharply after Report" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/08/313.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/08/313.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/08/313.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/08/313.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>An analysis of the HPQ stock chart makes a strong bullish case:</p><p>&#x2192; HPQ price closed at the high of the day;</p><p>&#x2192; the price has found support from the lower boundary of the parallel channel;</p><p>&#x2192; 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.</p><p>By the way, according to Lores, the availability of artificial intelligence products at the end of 2024 should refresh consumer and commercial sales.</p>