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Is HPQ Coiling Ahead Another Upleg?


Friday May 30th, 2014
Is HPQ Coiling Ahead Another Upleg?
by Mike Paulenoff www.MPTrader.com

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.

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