The CEO of Hewlett Packard Enterprise $HPE told investors to brace themselves for a "challenging second half". This warning came after earnings beat estimates. (CNBC). The daily chart shows a falling knife type of decline - more than 10% during the 5/23 session. HPE Daily Chart(click to enlarge)Sharp Pullback:- The daily chart shows a market that was sideways in 2017, but bullish in 2018. - However, after tagging $19.50 a share in March, price has been retreating. The bearish candle during the 5/23 session accelerated this pullback and price is almost back to where it was in 2017.Support is Here:- Price has fallen back to the 200-day simple moving average (SMA), which could be a support factor. - The RSI is below 30, reflecting oversold condition.- If price extends below the 200-day SMA, there will likely be support in the $14.50-$15.00 area. This area represents the previous consolidation resistance area, which could turn into support, especially since the prevailing trend was bullish. Weekly Chart:- The weekly chart below shows that the trend since 2016 has been bullish.- We noted that this prevailing bullish mode gives us reason to anticipate support around $15.00. - The weekly chart also shows that there is a rising trendline support - Also, the RSI will be around 40, and a bullish market should turn up from here, which would reflect maintenance of the prevailing bullish momentum.Bullish Outlook:- The market is bearish in the short-term, but bullish in the medium to long-term. - So, if the market holds above $4.50, it would reflect maintenance of the medium-long-term mode. - In this case, we shoudl have a bullish outlook to at least the $16.60-$17.00 support/resistance pivot area. - Above $17, we can anticipate a push towards the $20.00 area. - This bullish outlook should be shelved if price manages to close a week below $14. In this case, a return to $12.75 would be in sight, but we should probably stay on the sidelines to reassess if price does fall below $14. HPE Weekly Chart(click to enlarge)