BAC Upgraded HPQ Dovetails with My Technical Set-Up

With today's Bank of America Corporation (BAC) research upgrade, Hewlett-Packard Company (HPQ) has gapped up from yesterday's close at 28.84 to 29.45/50, as the price structure begins to emerge from its 2-1/2 year base formation.

The next problem area is 30.00, which represents the Feb 17, 2012, rally peak.

Below is what we discussed this past Tuesday.

The big picture of Hewlett-Packard Company (HPQ) shows the development and maturity of a 2-1/2 year rounded accumulation base-like pattern that is teetering on the verge of upside breakout on a sustained climb above 28.70.

Such a climb will trigger intermediate-term upside targets in the vicinity of 37.50, and then 44.80-45.20.

Only a downside reversal and break below 27.27 (closing basis) will delay the timing of the anticipated approaching thrust in HPQ. MJP 1/14/14