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5 Tech Stocks to Trade (or Not)


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Nearest Resistance: $20.50

Nearest Support: $17.50

Catalyst: Turnaround Update, Bad Earnings

Shares of Hewlett-Packard (HPQ - Get Report) are getting a lot of attention today after the firm announced earnings and an update on its turnaround plans.

>>4 Tech Stocks Set to Shine

HP posted a record $8.9 billion loss after writing down goodwill from its overpaid acquisition of Electronic Data Systems, but that was expected. Investors weren't expecting the sort of slow, drawn out turnaround that managing talked about during the call. Shares of HP are getting sold off today, down more than 6% as I write.

From a technical standpoint, things could be worse. The selloff isn't pretty, but it's putting HP's shares much closer to support at $17.50, a possible entry point for any investors who still actually like this stock.

I'm not one of them. The fundamentals look challenging for HPQ right now, and as a technical trade, I wouldn't buy unless HPQ could catch a bid above $20.50 resistance.

I also featured HP in " 5 Stocks Seth Klarman Loves." For another take on the stock, it also shows up on a list of 10 Profitable and Oversold Stocks Ready to Move Higher.

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