The PC is Dead, Long Live PC Stocks
- Posted by Greg Harmon
- on December 4th, 2013
The PC is dying, or so we hear on the television. Yet one of the largest PC makers, Hewlitt-Packard, $HPQ, is nearing a breakout higher and disk drive maker Seagate, $STX, is in a similar situation. Listen to the television or follow the price action?
Whether you like the break of the neckline of the Inverse Head and Shoulder as an impetus for a run to the price objective of near 45, or more conservatively the move into the consolidation and a break higher for a run to resistance at 37.50, there is something for everyone here. The technical indicators, MACD and RSI are bullish and rising to support a move higher. This is a weekly chart so give it some time.
Seagate is a shorter timeframe idea. It has resistance at 50.50 (red line) and a break over that would target a move to 54. That is just above the Potential Reversal Zone (PRZ) from the bearish Deep Crab harmonic pattern at 53. But that just gets it started. A Cup and Handle pattern shows up when you back out a bit with a target of 63.50. It all gets started on a move over 50.50.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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