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HPQ – Hewlett-Packard Company – Developer and manufacturer of computing, storage, and networking hardware, software and services, HP saw its shares raising above previous top at $37.00 and reaching short term target at $39.00. From October 07 peak at $53.50 prices traded sideways in a distribution pattern before breaking through the main bullish support line at $48.50 and reversing the trend to bearish in December 07. The initial decline found solid support at $40.00 where a double bottom developed and formed the base of a new trading range with resistance at $49.50. The sideways movement lasted until October 08 when a triple bottom breakout at $39.50 triggered further weakness. The new wave of decline reached the intermediate lows at $28.50 where a corrective up move generated. The movement bounced off resistance at $39.50 a former support level during the previous decline. Lately prices weakened further approaching the downside target at $24.50 before reacting to the upside. The main bearish resistance line rejected the first attempt of penetration at $33.50 but not the second which break through the line at $34.00 confirming the trend reversal. Prices are now raising along the intermediate support line and are expected to challenge previous peak at $39.50. Relative Strength vs the market is positive making it a likely outperformer for the long run. Stay long and increase at double top breakout at $39.00 with short term target at $42.50. In the medium to long term the objective is set at $59.00. On the downside lighten at double bottom breakout at $33.50 and close all long at violation of the main bullish support line now crossing at $32.00 with possible contraction down to $26.50.
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