Watching the Cup and Handle in Hewlett-Packard

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It seems that CEO Meg Whitman must be a tea drinker. I say this because when I look at the weekly chart of the stock price I see a lot of tea cups and handles. Take a look.

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The chart above shows 4 nested Cup and handle patterns, with the potential for a 5th if it can get to 48. The latest one in yellow, carries a target to 62 on a break above 37. The target for the green one that is active is to 42, and the other two have met their targets.

With the MACD about to cross up and the RSI bullish and rising, the prognosis for this one triggering is good as well.

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