$HPE – Potential Double Top Reversal in Play?NYSE:HPE
The stock is testing critical support at $20.55 , which serves as the neckline of a potential double top reversal pattern . The stock remains in a broader uptrend since March 2020, but the current price action is showing increasing downside pressure, putting this key level at risk.
🔹 Bearish Scenario – Breakdown in Focus:
A clear break below $20.55 could confirm the double top pattern, opening the door for a move toward $16.78, where the long-term ascending trendline from March 2020 aligns. This would represent a -18% decline and signal a potential shift in market structure.
🔹 Bullish Outlook:
As long as NYSE:HPE holds above $20.55, the uptrend remains valid. A bounce from this level could see price retesting resistances at $21.98, $24.24, and $24.66.
🔹 Resistance and Support Levels:
📉 Support: $20.55 (neckline), $20.34 (most recent fractal support), $15.77
📈 Resistance: $21.98, $24.24, $24.66
Happy Trading,
André Cardoso
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