HP is Entering a Buy Zone
HP Inc (HPQ) appears to be gradually narrowing the gap with the broader market. While the S&P 500 broad market index has surged by 27.5% since October 30, 2023, HPQ has lagged behind with a modest 16.4% increase. This disparity presents an opportunity for investors to capitalize on undervalued stocks amidst an environment where many shares are considered overbought.
Recognizing this potential, I plan to initiate a position in HPQ within the price range of $29.50-30.10. By entering at this level, I aim to capitalize on the stock's upward momentum and target a price range of $34.00-35.00, representing a 15% upside potential within the next two months.
To manage risk, I will implement a stop-loss order at $25.00, providing a safeguard against unexpected downturns in the stock price.
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