Wednesday, May 29, 2013

Chart of the Day

Today's Chart of the Day is HPQ. The over 2% up move was impressive on a day like today. This is what the story is so far. Gapped up big on earnings on Thursday, consolidated to test previous short term highs set in March on Friday and Tuesday, and broke the highs of the gap up today. All in all, a pretty decent chart.

The weekly chart makes things more interesting. The stock is right at the bottom of the trading range it had made for itself in October 20011 to March 2012. Nice support by MA(20) weekly which was acting as tough resistance earlier. If it does manage to break free of the current levels, the top of the previous trading range is 28+.

Seems right for a position trade.

You can follow me on twitter for latest blog updates. Also, here is the link for free subscription to the blog.   
Take care and good luck!

No comments: