Tuesday 18 December 2012

HPQ - due another major wave lower

Whilst the main indexes claw above the recent FOMC highs, HPQ did manage to claw higher after yesterdays 4% decline. HPQ closed 2.25% higher to settle @ $14.53. The mid-term trend remains starkly downward though.

HPQ, daily


HPQ has seen a very significant bounce from the recent $11.50 lows. Yet, the mid term trend remains downward.

Only if we see a few daily closes in the mid 18s - where the 200 day MA is also lurking. Indeed, the big 200 day MA will prove formidable resistance for HPQ to overcome.

With the primary target of $15 already hit, I remain seeking a hit of my secondary target - the big $10.00 level. That still seems very viable in the first half of next year - regardless of how the main market trades.

As many recognise, HPQ has serious underlying structural issues, and the stock price has of course already priced a great deal of that in.