The shares of Hewlett-Packard Co., an American IT company providing hardware and software services, are moving within a corrective trend around 29.30.
On the daily chart, the price continues to trade within a wide downward channel with dynamic boundaries at 20.00–31.00 and is now near the resistance line, demonstrating its readiness to overcome it.
On a four-hour chart, it can be seen that after reaching the basic correction of 38.2% Fibonacci around 30.30, the quotes of the trading instrument reversed and decreased to the initial correction of 23.6% Fibonacci around 27.90.
The high probability of continued growth after the end of the correction is confirmed by technical indicators that have reversed and issued a buy signal: fast EMAs on the Alligator indicator are above the signal line, expanding the range of fluctuations, and the AO oscillator histogram is forming new upward bars in the buying zone.