HP - Look for signs of strenght.
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Good day everyone,
HPQ just lost about 18% of this value on a single week, 8 weeks of bullish progress ERASED!
PANIC AND BLOOD ON THE STREETS!
Ok, no.
Check daily chart, see how to volume on the selling bars is decreasing? This means the panic is slowly getting absorbed.
"Hey, this mean its time to BUY BUY BUY RIGHT?" Answer: No, at least, not YET.
Panic absorbed is a good sign yes but this just mean the market will stop panic selling ...
For buying we need panic absorbption + bullish/demand signs
As we can see the 19 usd level was a previous resistance and recently a good support level , and now the recent daily bars looks like some demand has arrived.
I'll keep an eye of the price action behaviour on this stock and IF it show demand signs i'll update it.
Enjoyed? leave a like, thanks.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
HPQ just lost about 18% of this value on a single week, 8 weeks of bullish progress ERASED!
PANIC AND BLOOD ON THE STREETS!
Ok, no.
Check daily chart, see how to volume on the selling bars is decreasing? This means the panic is slowly getting absorbed.
"Hey, this mean its time to BUY BUY BUY RIGHT?" Answer: No, at least, not YET.
Panic absorbed is a good sign yes but this just mean the market will stop panic selling ...
For buying we need panic absorbption + bullish/demand signs
As we can see the 19 usd level was a previous resistance and recently a good support level , and now the recent daily bars looks like some demand has arrived.
I'll keep an eye of the price action behaviour on this stock and IF it show demand signs i'll update it.
Enjoyed? leave a like, thanks.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Nota
Good upside movement today, now i expect some tests of supply, if supply is gone as i expect then its a good long opportunity.Nota
Just to be clear, i REALLY liked this last daily bar, the volume was very good also.Nota
A break above the 20 usd level will be a very good bullish signal of recovery.Nota
Good recovery now showing some indecision around 20 level.Nota
Last candle doesnt look good, closing on bottom ,increasing volume...Lets see this week if there is signals of no supply or some demand on this level, if this happen then we get more confirmation for a possible bottom.
Nota
Allright volume is a little tricky right now but so far we can have a H.L , so if we manages to reach and break above 20 again then i'd be a good chance to trigger a long.Nota
Price is failing to break 20.20 resistance now, but im bullish based on low volume selling waves and increasing volume up-waves/candles.
Penafian
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