One computer hardware player that insiders are snapping up a gigantic amount of stock in is Hewlett-Packard (HPQ - Get Report). This is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses and large enterprises, including customers in the government and the health and education sectors. Insiders are buying this stock into weakness since shares are off around 13% so far in 2012.Hewlett-Packard has a market cap of $43 billion and an enterprise value of $64 billion. This stock trades at an extremely cheap valuation, with a trailing price-to-earnings of 8.61 forward price-to-earnings of 5.01. Its estimated growth rate for this year is -16.6%, and for next year it's pegged at 8.6%. This is not a cash-rich company, since the total cash position on its balance sheet is $8.31 billion and its total debt is a whopping $30.08 billion. A director just bought 5,051,265 shares, or around $112.15 million worth of stock, at $21.67 per share. This same director also just bought 13,148,735 shares, or around $295.43 million worth of stock, at $22.02 to $22.62 per share. From a technical perspective, HPQ is currently trading below both its 50-day and 200-day moving averages, which is bearish. This stock has been stuck in a nasty downtrend for the past three months, with shares dropping from a high of $29.85 to a recent low of $20.57 a share. During that move lower, shares of HPQ have been making mostly lower highs and lower lows, which is bearish technical price action. That said, HPQ has recently found some buying interest at around $20.57 to $20.87 a share. If you're bullish on HPQ, then I would look for long-biased trades once this stock triggers a break out above some near-term overhead resistance at $22.66, and then above its 50-day moving average of $23.39 a share with high volume. Look for volume on that move that's near or above its three-month average action of 20,424,000 shares. If we get that move, then look for HPQ to re-test its 200-day moving average of $25.20 a share. I would increase my bullish outlook on HPQ if it then closed above its 200-day and maintained a trend above that level. I would simply avoid HPQ or look for short-biased trades if it fails to trigger that breakout and then drops below that near-term support at $20.87-to-$20.57 a share with high volume. A high-volume move below those levels would setup HPQ to enter new 52-week low territory, which would be bearish price action.