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Hewlett Packard Company (HPQ) - Swing Projection to 22.40

In April we looked at HPQ and saw that price was attacking the 2015-2016 highs, and noted that we should anticipate a breakout. Indeed, price has broke above the high around 18.65, and tagged 19.50 in May. Let's take a look at this breakout, which opened up our target of 22.40, around the 2011 high.

HPQ Daily Chart

(click to enlarge)

Sharp uptrend:
- HPQ price has been on a sharp uptrend in 2017. 
- The break above 18.65 was followed by treatment of this resistance as support, which further confirms the upside potential in HPQ.
- Looking at the weekly chart, we can see that price has been bullish since 2013. The bearish swing in 2015 did not reach the lows from 2012/2013.
- If we use an ABC swing projection, where the length of wave C = length of wave A, then we would project price towards that 2011 high around 22.40. 
- Before HQ reaches 22.40, we should anticipate some resistance around 20.00, and look for a period of consolidation.