Two new trades to report – one in Lexmark (LXK) and the other in Hewlett-Packard (HPQ). Entries and stop-losses can be found on the charts themselves…
HPQ has rode a very nice trend line since early August, and shows that it still has every intention of continuing that trend going forward. With a pullback to support, I initiated a position that offers a low-risk and high reward opportunity.
LXK is a bit more speculative than HPQ, nonetheless, I like the candle pattern that we have here. After a serious run up, the stock has pulled back off of its highs in a very orderly fashion. As this wedge, as diagrammed in the chart below, gets narrower and narrower, the closer we get to a potential breakout opportunity. Also, after a major gap up back in October, the stock has refused to go even slightly into the gap area itself which shows that there is a lot of conviction by the bulls to hold that major level of support going forward.
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