Check Out The Tightness Here

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Courtesy of the idea machine inside the 12631 chat room, I have been noticing more and more tight chart patterns. I want to start with HPQ to specifically point to the flattish triangle, which you can see as price tightens while bumping up against well-defined resistance. Instead of becoming loose and sloppier as it fights against resistance, price seems to be getting more and more coiled. I interpret this as a sign to be on watch for a bullish breakout. This also jives with the theme of “value” stocks like mega-cap old-tech titan HPQ being more in favor going forward than “growth” momentum names like CRM.

Hat Tip to 12631 members: “Abhadauria,” “Earl,” and “Mockingjay” aka “spoiledsquid” in the iBC Blogger Network. 

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