novvoll12
Short

INTC 29.51: Potentially forms a head-&-shoulders top

NASDAQ:INTC   INTEL CORP
36 1 0
INTC             may be forming a head-&-shoulders top (as shown on the weekly chart). It is currently testing the 29.65/29.31 shoulders support line and reached a 29.09 low (July 8, 2015). A decisive breakdown here would complete a head-&-shoulders top and risk a deeper setback towards the 20.84 area ( H&S target). However, if the 29.09/29.31/29.65 area manage to contain losses, that would suggest further consolidation towards 32.57 then 34.75.
Outlook:
Short term: bearish
Long term: neutral
What stop loss would you recommend and when do you enter the positions? It looks like a good setup. Do you consider any volume analysis for this H&S top pattern?
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