HPQ short

Hewlett-Packard (HPQ) jumped on news, but it's technicals are out of bounds. So I am short, meaning I will not chase the news reaction and wait for a reasonable pull back. Plus, I would not be surprised if long term holders are trimming their holdings into strength today while others FOMO and chase the stock move. Here's HPQ 4 hour chart with support and resistance levels:

R3 = 37.80
R2 = 37.25
R1 = 36.71
pivot = 36.17
S1 = 35.63
S2 = 35.08
S3 = 34.54

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Comment:

Appears to look like a bull pennant, but I'd be more concerned about it rolling over tomorrow than missing another leg up. So I'm definitely not getting any position in HPQ today. I think let it cool down.

Comment:

HPQ came down to 38 which is reasonable enough of a pullback to slowly start a long position over time now I think.