With the break of key moving averages (21w and 34w) a patient investor following the Buffett playbook might want to look into acquiring HPQ for a trend continuation in the long term uptrend of this stock. The question is, as always, where will it bottom? Outlined is the most likely scenario: bottom will be somewhere in between $30 and $31. Invalidation of this idea comes from making a new lower low, shown with a stop loss under $26. The patient investor should expect to reach target of $40 if not much, much more. This corresponds to a >30% move.
This TA is based on the idea of monthly support levels (monthly S1-S3 lines) and demand zones (white candles within our indicators). The prior range from June-October 2021 also provides excellent support. Monthly support levels will change tomorrow with the arrival of a new month but we expect them to simply add additional confluence to this idea when they are printed.
This TA is based on the idea of monthly support levels (monthly S1-S3 lines) and demand zones (white candles within our indicators). The prior range from June-October 2021 also provides excellent support. Monthly support levels will change tomorrow with the arrival of a new month but we expect them to simply add additional confluence to this idea when they are printed.