$INTC Nice Long Base – Ready to Breakout?

Feb 11

INTC oh how the mighty fall from grace. But so much for nostalgia. INTC has been basing since August 2024 for over 6 months. It looks like it has support around $19. It has tried to get moving a few times but no go.

Today it has tested both the longer term and shorter-term downtrend lines (DTL). It is testing today on the news that JD VANCE said AI will be built in the US. I have tried this name before and have been stopped out for a small loss. I have an alert set on the long term DTL. Should that trigger, I will want a convincing close above it. Looks to me, risk is well defined with a stop under $19. At current price that is about an 11% Stop Loss. Too much for me, so I would go to a lower timeframe to see if there is a better Risk Reward stop. All TBD.

I am only posting this because I like the longer base and thought you might want it on your watchlist as well.

This is my idea, if you like it, make it your own to fit “your” trading plan.

Feb 12

Trade active

Feb 12

Note

INTC with 1 1/2 hours to go volume is at 119mm shares. This normally trades around 80mm per day. If my math is correct this should trade around 154mm shares today almost doubling the daily average. Bullish! Oh, I have added to bring this up to a full position.

Feb 13

Note

INTC Getting some resistance right at the 200 DMA. I have an eye on this and will lighten up my position if it drops below $24 today. (I'll sell 1/3 if it drops to $24). I will close out the position for a decent profit if it drops to 23.00

Feb 14

Trade closed manually

I took this off this morning when it failed to push higher. Closed out $24.80 giving me a 14% profit in just a few days. Back on the watch list as I think it will consolidate and "maybe" give me another set-up. TBD.