HMPRO : At 8.8-9.00 it’s a MT buy, at 9.45-9.50 a ST punt.

We like HMPRO in terms of the likelihood of a new all-time high before long. A breakout above the August 2011 high at 10.90 should be seen during late December-January, so for now we are looking to accumulate on weakness.

Monday has 9.8 back to 9.7 as first support, and for the week 9.5 or so. It will struggle to move beyond 10.25. If luck has it and the stock falls steeply to nearer 9 we will start to accumulate in size, with a 3 month target of 11.40. Our long term target – meaning 2 to 3 years is 14.50 to 15.


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