NASDAQ down 36 points. SUNW falls below 40. CPQ announces a share buy back program and only finishes up 1/2. It was a harsh day. HWP finishes off 3/16. Seems like their are a lot of buyers fo this stock. Looks higher to me. $70 looks like a target to me too
Trading looks a bit stronger at this level this time. Lew told us to expect a stronger second half. The entire sector looks about ready for a new upward cycle. HP has underperformed the market which is drawing analyst favor as of late and when the sector begins its move it is led by the leaders.
Near term could be preventative of our breakout. HP has held strong in the face of market weakness the past two days but today may have given us that quick blow-off towards 68 that we have seen twice before in this range. If the market drift continues down the next couple of days we may see a return to below 64. Then barring a market correction, (which occured this time last year), maybe we will see a low above 63 this time and a following test of 70.
Either way HP will be hitting new highs this year, so near term predictions may be simple semantics to anyone not actively trading.