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Ahead of Earnings, Hewlett-Packard Threatens to Break Out to the Upside


Today Hewlett-Packard Company (HPQ) has rocketed from 29.10 to 30.12 ahead of its earnings report due out after today’s close.

I don't know if the report was leaked or not, but I do know that for HPQ to climb 3.5% from low to high right before earnings, with the price structure perched atop a 2-1/2 year accumulation-base formation suggests strongly that anticipation is building for possibly much better-than-expected quarterly results.

A sustained climb above the prior high at 30.13 from Jan 22 should trigger upside continuation and acceleration towards my optimal upside targets of 37.50 and 45.00.

Only a break that sustains below 27.70/30 support will wreck the very constructive technical set up in HPQ.

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