|
Home
Up
Co-brand
Partnerships
| |
|
8/19/99 Hewlett Packard (HWP)
Points to watch: HWP
survived an important intraday test of support yesterday, but its chart
continues to look miserable and it
is unlikely that yesterday's low of 100.63 marked a bottom.
Yesterday the stock tested both its 55 day moving average (101.6) and the
50% retracement of its 6/15-7/19 rally at 101.75. After a brief intraday
dip below support, HWP rebounded slightly to close at 102.38. Money
Flow is decidedly in the negative column, and weekly OBV has also turned
down. Other technical indicators also continue to sink, with daily
RSI in particular looking miserable. RSI has been declining since
the July peak and continued to decline during HWP's early August rally
attempt. We would keep a close eye on support at 101.6. We
would wait for the stock to break below 98.75 (the 62% retrace of its
June-July rally) before closing long positions and shorting the stock.
|
DISCLAIMER
|
