On Monday, HP cleared an important technical benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 79 the day before.
This proprietary rating measures market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock's price action over the last 52 weeks matches up against that of all other stocks.
Decades of market research reveals that the top-performing stocks typically have an 80 or better RS Rating in the early stages of their moves.
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HP is working on a consolidation with a 39.52 buy point. See if it can break out in heavy trading.
While the company's bottom line growth decreased in the company's most recent performance report from 4% to -3%, revenue rose 2%, up from -1% in the previous report. The company is expected to report its latest performance numbers on or around Nov. 26.
The company earns the No. 3 rank among its peers in the Computer-Hardware/Peripherals industry group. IonQ is the No. 1-ranked stock within the group.
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