This 180m chart of INTC looks to be carving out an ending diagonal. Bullish momentum is slowing as the stock grinds higher in the rising wedge formation. These patterns often end with one final push through the top of the channel (referred to as "throw over") before reversing lower. Initiating a small short position at 55.50 with a plan to add to the trade following a break of the ending diagonal. Initial profit target is at 48. A move above 63 would cause me to reevaluate the position.
Trade active
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Ending diagonal looks complete following today's sell-off. Adding to short position and tightening my stop to 58. Profit target remains at 48.
Trade closed: target reached
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Profit target of 48 hit on earnings announcement. Trade closed.