Good to wait a minor pull back if it ever happens, the stock seems bottomed and ready to take off now. This head and shoulder's bottom is reliable pattern and always good to wait a pull back which will come once profit taking hits or price consolidates within a tight range. If you are long or want to go long make your stop loss tight recent low 17.67-18.38 area...
I dont think HPQ will break out along with RIMM and NOK here.
HPQ still has some fundamental problems and technically it looks bad here.
So I believe HPQ is ready for another leg down here.
Target 10.50
Stoploss 16.50
Trap or opportunity? On the monthly chart, you can see clearly five waves from the top /april 2010/. Share price reached a strong support zone /bottom line from the great parallel channel 1987-2012/. In my opinion....you can take the risk!
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HPQ is trading in a strong bear channel recently. We're currently at the top of the channel and it's viable to make a low risk high risk:reward trade targeting the measured move target of the big bear bar in October. This trade has to be entered with limit order at 14.00.
I waited a $28 level, but stock go down and now close bottom support line on the $23. I hope it will draw a double bottom and price move up with first target $25 and next $28.
![HPQ: HPQ (LONG Idea) [Fixed]](https://s3.tradingview.com/m/m683YUcH_mid.png "HPQ (LONG Idea) [Fixed]")
