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.
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