Chart-wise, Hewlett-Packard Company or HPQ in the New York Stock Exchange could be on the verge of dropping by another 10%. So for the short sellers out there, time to watch out for this! If you notice, there could be a 2-month triangle pattern forming which could be confirmed by the diminishing volume. As the downtrend bias suggests, this triangle pattern is more likely bearish. Aside from that, the price is moving below the 50, 100 and 200-day moving averages and the MACD is about to dive towards the negative territory. With these indicators pointing south, a breakdown from the triangle is more likely. If it breaks down, our minimum target could be $31.30 which I got by adding the height of the triangle to the possible breakdown point. My target price by the way is also the 9-year support but before it reaches that level, there could be some significant buying pressure at $33.95. In case HPQ rallies, the resistance could be $37.70.
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