After falling out of favor in February and March, Hewlett Packard found support around 23 and gapped up on Thursday. Notice that the stock opened strong, moved higher throughout the day and closed strong. This gap looks like a breakaway gap that is confirmed by strong volume.
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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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