Wednesday, September 29, 2021 1:39 PM EDT
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This morning, leading software solutions and services company, HP Inc (HPQ), is coming under some heavy selling pressure after a downgrade. JPMorgan downgraded HP Inc (HPQ) to Neutral from Overweight with a price target of $30, down from $35.00. The tech giant is falling by more than 3.0% to $27.63 a share. The stock is now trading below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and further downside is likely in the near term.
The next major support level for HP Inc (HPQ) stock will be around the $24.50 area. This support level is where the stock will have a major retrace level from its 2020 low to the 2021 top. It is also where the stock broke out in February 2021. Often, prior breakout levels will serve as excellent support when they are retested. I will be looking at a long side swing trade around this key support area.
![](https://q8e3x9p5.stackpathcdn.com/wp-content/uploads/2021/09/HPQ-9.29.2021.jpg)
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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