After a number of failled bullish moves this week, $HPQ looks like it is starting to breakdown its bearish base it had been building as it firted with its MA(200)d. Already below its MA(200)d, it will be yet another bearish sign if it closed below $21.19, the week's open price. Would expect to see more of a flush early next week as the end of the qtr approaches. Classic window dressing will then lead to tax loses harvesting. With a hard death cross in about a month out, technicals all suggest $HPQ should be avoided till late Q4 at the earliest.
After earnings, we did a full 180 on $HPQ again, selling all and building a sizable short position.
As predicted, the $21.08 close on 9/27 did in fact result in more selling on the last day of the month & qtr. It was followed by to days of retrace, but then on 10/3 a new lower swing low and looks to close solidly below the MA (200)d. Technicals continue to suggest the development of a new downward sloping channel with further weakness ahead for $HPQ PPS, as the air continues to leak out of the stock.