Hewlett Packard (HPQ) has come off the lows of $11.50 from November 2012 very nicely up into $24.00 making the longs some nice money. However, it has run into some trouble with overhead supply into $24.00 area.
RECENT ACTION
On April 4th, 2013, HPQ gapped down challenging this new bounce off the lows. HPQ is looking for a support area. On April 11, 2013 HPQ gapped down again breaking through a tiny support area.
KEY LEVELS
Overhead supply exists at $21.75 and demand exists at $18.10.
THE TRADE
Short any bounce up into $21.75 overhead supply. Target would be into $18.10. Stop would be over $22.55.
Disclosure: My Swing Newsletter Subscribers are short from $21.75 04/08/2013.
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