While the S&P 500 took a hit in June, Hewlett-Packard (HPQ) managed to hold its breakout and stay relatively strong. HP broke triangle resistance in early June. Broken resistance then turned into support the last three weeks. Also notice that the price relative moved higher throughout June.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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