Alot going on here.
Big things to understand, intel is not only in a descending channel but is trying to breakout to the upside. We could be out of this channel anytime between now and the next week.
Bullish case:
Intel is retesting again the weekly 200MA intel has had nothing but respect for the weekly 200MA since it's run began last year. The weekly 200MA is also conveniently at a large historical support of $42.00.
On top of this, the weekly is showing a 3 stars in the south candlestick pattern which is a bullish reversal pattern showing exhaustion from sellers.
I see intel going back to 45-46$ in the coming few days, from there it's going to either paint a head and shoulders, or could absolutely take off in the coming weeks.
Big things to understand, intel is not only in a descending channel but is trying to breakout to the upside. We could be out of this channel anytime between now and the next week.
Bullish case:
Intel is retesting again the weekly 200MA intel has had nothing but respect for the weekly 200MA since it's run began last year. The weekly 200MA is also conveniently at a large historical support of $42.00.
On top of this, the weekly is showing a 3 stars in the south candlestick pattern which is a bullish reversal pattern showing exhaustion from sellers.
I see intel going back to 45-46$ in the coming few days, from there it's going to either paint a head and shoulders, or could absolutely take off in the coming weeks.