themarketzone
Short

Sell Zone in HP after breaking down two ascending channels

NYSE:HPQ   HP INC
This setup is part of the Weekly Markets Analysis newsletter - http://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.

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Tomer J,
The Market Zone - You trading Edge
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