Interval: H4

Hewlett- Packard (HPQ) price chart looks pretty interesting. The latest corrective move of the main up trend has ended at a Fibonacci cluster formed of 38.2 retrace of the full trend and from 61.8 retrace of the last impulse started In March 2013.

The up move started on 19^th of March took a short break right under 50% retrace of the correction and at ex support line. If the pressure gathered here will be released on the up side then we could see a rally back to the highs, confirming a new impulse. For a confirmation we should wait for a breakout over 21.70, the current resistance.

Confirmation Level: 21.77

Take Profit: 23.29

Stop Loss: 21.01