Intel is forming a broadening trend. If it breaks through the resistance at ~47, it has the potential to reach a target of 52-56. Additionally, the candles remain above the 50 and 200 moving averages. We will see in the next couple weeks!
Comment:
As we enter week 2 of the Intel trade, we can still expect bullish movement towards the resistance line at 50.80. If the trend cannot break this resistance line, we will have a head and shoulder formation, which will probably break below the support line at 47.54. Have your stop losses ready at 47.78, just in case.
Technical Analysis:
Oscillators remain bullish for the RSI. However, the CCI line has crossed the +100 line, so we could expect a downward trend sometime in the near-distant future. As for moving averages, the candles remain above both of the 200 and 50 MA.
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Technical Analysis:
Oscillators remain bullish for the RSI. However, the CCI line has crossed the +100 line, so we could expect a downward trend sometime in the near-distant future. As for moving averages, the candles remain above both of the 200 and 50 MA.