Hewlett Packard Moving Above Resistance

Published on Tuesday, 16 March 2010 18:08 Written by TradersHuddle Staff

New York, March 16th (TradersHuddle.com) - Shares of Hewlett Packard Company (NYSE:HPQ) closed the trading session at $52.35 just above calculated resistance at $51.00 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Hewlett-Packard Company (NYSE:HPQ) provides computing systems, imaging and printing systems, and information technology services for business and home. The Company's products include laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. Hewlett-Packard operates as a global company and sells its products worldwide through different distribution channels. Hewlett-Packard was founded in 1939 and is headquartered in Palo Alto, CA.

Hewlett Packard's stock was trading in a well defined range with support at $46.80 and resistance at $51.00, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Hewlett Packard's stock is still near the broken resistance level, traders will be focusing on $51.00 to see if the stock holds the breakout without rolling over.