| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 36.40 |
| Take Profit | 39.40 |
| Stop Loss | 35.00 |
| Key Levels | 33.00, 33.10, 34.00, 35.88, 38.00, 39.50 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 35.40 |
| Take Profit | 33.10 |
| Stop Loss | 36.10 |
| Key Levels | 33.00, 33.10, 34.00, 35.88, 38.00, 39.50 |
Shares of Hewlett-Packard Co., an American giant in the field of information technology, are trading at 35.88.
On the daily chart, the quotes stay within the sideways channel of 38.00–34.00. On the four-hour chart, the current uptrend may develop after the price consolidates above 37.00, and if it manages to keep the momentum, it can reach the target of 39.50. However, in case of a reversal and a breakdown of the low of 34.50, there is a high probability of testing the July low of 33.00.
Technical indicators are ready to give a new buy signal: fast EMA on the Alligator indicator are consolidating below the signal line but the AO oscillator histogram is forming new ascending bars, being slightly below the transition level.
Trading tips
Long positions should be opened after the price consolidates above the high of 36.40, with the target at 39.40. Stop loss – 35.00. Implementation period: 7 days or more.
Short positions should be opened after the price consolidates below the support level of 35.40, with the target at 33.10. Stop loss – 36.10.
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