HEWLETT-PACKARD CO.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 38.40 |
| Take Profit | 40.50 |
| Stop Loss | 37.50 |
| Key Levels | 34.00, 37.00, 37.10, 37.80, 38.00, 38.40, 40.50, 41.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 37.10 |
| Take Profit | 34.60 |
| Stop Loss | 38.00 |
| Key Levels | 34.00, 37.00, 37.10, 37.80, 38.00, 38.40, 40.50, 41.00 |
Shares of Hewlett-Packard Co., an American giant in the field of information technology, are trading at 37.80.
On the daily chart, the price is correcting within the ascending channel with dynamic boundaries of 41.00–37.00.
On the four-hour chart, after the quotes consolidate above the year’s high of 38.40, they may reach 41.00. However, in the event of a reversal and a breakdown of the low of last week 37.00, a decline to the channel support level of 34.00 may follow.
Technical indicators hold the buy signal: fast EMA on the Alligator indicator are above the signal line, and the AO histogram forms correction bars above the transition level.
Trading tips
Long positions may be opened after the price rises and consolidates above 38.40, with the target at 40.50. Stop loss is 37.50. Implementation period: 7 days or more.
Short positions may be opened after the price falls and consolidates below 37.10, with the target at 34.60. Stop loss is 38.00.
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