INTC 5/13/2023

rudcharts Updated   
NASDAQ:INTC   Intel Corporation

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
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%)


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