Sell Zone in HP after breaking down two ascending channels
This setup is part of the Weekly Markets Analysis newsletter - goo.gl/jWKpb8
$HPQ experienced a strong breakdown of its trading channel in the Mid October sell off.
Since than the stock bounced from the 200 SMA line (see in the blog post) and traveled inside a very tight ascending channel all the way to test the 37$ resistance zone.
Last week the stock broke down below the tight channel. Despite the latest push higher, the stock is still testing broken channel and important resistance zone - That gives us potential sell zone.
$HPQ experienced a strong breakdown of its trading channel in the Mid October sell off.
Since than the stock bounced from the 200 SMA line (see in the blog post) and traveled inside a very tight ascending channel all the way to test the 37$ resistance zone.
Last week the stock broke down below the tight channel. Despite the latest push higher, the stock is still testing broken channel and important resistance zone - That gives us potential sell zone.