HortonWorks (HDP) had its initial public offering a few years ago. The first year was a sell off, the second year built a base and in May, HDP broke out to fresh 52-week highs for the first time ever. After consolidating around the breakout level of $12.85, this morning HDP broke out from the consolidation.
As technology has been leading for a while, this stock has been climbing since October. It is still just over 50% of the IPO price so there is a considerable distance to get back to the initial price of the offering.
Good trading,
Greg Schnell, CMT, MFTA.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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