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Fan Yang

Hewlett Packard Company (HPQ) Remains Bullish

Last time we looked at Hewlett Packard Company (HPQ), we suggested a bullish projection to 22.40. However, it has been consolidating lately below 20. Still, price action during this consolidation points to a market that is controlled by bulls and a run towards 22.40 is still in the cards.

HPQ Daily Chart

(click to enlarge)

Bearish Engulfer:
- The daily chart shows a recent bearish engulfing candle - you can't miss is. 
- However, after this candle, price remained above 18.00, and thus held above the March consolidation range.
- Furthermore, the RSI held above 40 after tagging it, which reflects maintenance of the bullish momentum.
- Finally, I think if price can push above 19.00, we can ignore the bearish engulfer. 

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