Testing strong weekly support zone

١٧ يناير ٢٠١٦

HPQ is in a downtrend since its latest peak in Jan 2015.
The stock completed a 61.8 Fib retracement and it is now testing a major structure support near the psychological level of 10$
RSI (weekly) shows bullish divergence and in the daily chart we see that the price reached 127 Fib extension level that is considered to be a profit taking target (currently for bears).

9-10$ is the weekly reversal zone to monitor in HPQ over the next few weeks.

Potential targets - 11$, 11.5$ and 12$ (200 weeks SMA line)

Tomer, The MarketZone
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