Is HPQ Coiling Ahead Another Upleg?

Hewlett-Packard Company (HPQ) has spent the entire past week consolidating its sharp upside reversal gains from the post-EPS low at 31.04 on May 22 to the 34.09 high on May 23, which was one week ago.

Since the high HPQ has carved out a bullish coil pattern between 34.00 and 32.80, which should resolve to the upside in the upcoming hours.

My nearest-term upside target is 34.80-35.00, while my optimal next upside target is 36.10/30.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!