HPQ: heading towards the bottom? Trading idea for 02/10/2023

Berkshire Hathaway, the holding company of renowned investor Warren Buffett, is actively reducing its holdings in Hewlett-Packard Company (HPQ) shares. Berkshire's ownership in HPQ has decreased from 12.2% last quarter to 11.7%. This may be evidence of Warren Buffett having some insider information about the company's future. Furthermore, HP's actual financial performance at the beginning of this year fell short of market expectations.

In light of these developments, we suggest examining the chart for Hewlett-Packard Company (NYSE: HPQ).

On the D1 timeframe, support has formed at 25.23, with resistance at 27.70. If the quotes consolidate below the 26.70 level, it could indicate a potential breakthrough of support. On the H1 timeframe, the short-term target for price decline may be around 23.88, with the possibility of further declines to 19.70 in the medium term. The likelihood of price growth appears to be extremely low.

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