Naked Chart Trading: HPE 5 Jun 2024

HPE's share prices surged in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2024. Earnings per share came in at USD0.42, which beat analysts' consensus estimate of USD0.39 per share. Sales increased by 3.3% year-over-year, with revenue hitting USD7.2 billion. This beat analysts' expectations by USD370 million.

Looking forward, management now expects revenue growth and adjusted earnings per share for FY 2024 to be in the ranges of 1% to 3% and USD1.85 to USD1.95, respectively. For reference, analysts were expecting 0.1% in revenue growth along with an adjusted EPS of USD1.89.

Will HPE has a chance to go above USD20? Thanks to AI theme as a strong catalyst to boost HPE's share prices, longer term wise the trend is more to bullish and testing previous high of USD20 level, while short term in a sideway range of USD16.20 to USD19.10.

I do not expect HPE's share prices to go below USD10 for now, so i drawed a Fibo analysis using Sep 2022 low and Mar 2024 high. Support levels are USD16.20, USD15.60, USD14.30 and USD13.30, while resistance at USD18.10 and USD19.10.

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.