This Chart Action Signals Big HP Inc (HPQ) Problems
Jenny Rebekka | May 26, 2017 09:45AM ET
In technical analysis there are bearish signals and then their are "holy cow!" bearish signals. Today, HP Inc (NYSE:HPQ) put in the latter.
After reporting solid earnings and opening at a new 52 week highs, HP Inc saw massive selling. The selling not only took the stock negative, but engulged the previous 24 trading sessions. That is insane and extremely bearish. The bottom line is, when HP Inc bounces, short it hard. The stock will at some point in the near future trade down to at least $16.25. That is 11% more downside in the coming weeks. Note the chart and see what I am seeing below...
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.