INTC
No more microchips!
Daily chart analysis
INTC entered a downtrend May 2022 and price continue to tumble up until Oct. 2022.
Price entered a Distribution stage and started to move sideways.
In April 2023, price broke above the sideways range but quickly fell back into range. The breakout is now deemed a “false breakout”.
Currently, price has bounce down off the resistance level after the false breakout. The bears are showing they are in control.
We are in a downtrend and at resistance level of sideways range. This will give us entry to trade short.
The initial target will be a swing to the lows of the sideways range. The second target will be the continuation of downtrend.
Entering trade short.
Entry: 28.95
Stoploss: 32.19 (-11.19%)
Target 1: 25.43 (+12.16%), 1.09 RR Ratio
Target 2: 16.80 (+41.97%), 3.75 RR Ratio
No more microchips!
Daily chart analysis
INTC entered a downtrend May 2022 and price continue to tumble up until Oct. 2022.
Price entered a Distribution stage and started to move sideways.
In April 2023, price broke above the sideways range but quickly fell back into range. The breakout is now deemed a “false breakout”.
Currently, price has bounce down off the resistance level after the false breakout. The bears are showing they are in control.
We are in a downtrend and at resistance level of sideways range. This will give us entry to trade short.
The initial target will be a swing to the lows of the sideways range. The second target will be the continuation of downtrend.
Entering trade short.
Entry: 28.95
Stoploss: 32.19 (-11.19%)
Target 1: 25.43 (+12.16%), 1.09 RR Ratio
Target 2: 16.80 (+41.97%), 3.75 RR Ratio
Note
Intel is #2 on Top 100 Parent Companies in Subsidy value. You will see what happens to this company now that Debt Ceiling bill has been signed by President.
Trade closed: stop reached
Stoploss: 32.19 (-11.19%)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.