Both 13w EMA and weekly MACD-Histogram are sloping down, so weekly Impulse only allows to go short or stand aside; going long is not allowed.
The previous post on HPQ identified a Rising Wedge chart pattern.
The chart pattern is still valid.
HPQ has broken the short-term support after consolidating for the last two weeks.
21 Mar: Opened SHORT at $23.45.
Cut loss if HPQ breaks above the $24.67 resistance.
Outcome:
21 Mar: Opened SHORT at $23.45
22 Mar: Covered at $23.12
Reason for closing: Falling window in oversold condition. Eliminate risk and take profit.
Profit $0.33, 1.4%
