Intel, one of the tech icons, came out with better than expected earnings and jumped in after hours trading. That's a selling opportunity, as you can see on the left hand chart. If you want to own it, you will have the chance to buy it around $12.5 soon. We are in a clear downside trading channel and broke out of a smaller price pattern. Also, we need to see the monthly 13 to know we have a severe low in place. For the time being, sell any rallies towards 17 and start accumulating around 12.5. The overall market move does confirm a weaker bias short-term anyhow and 4th quarter earnings are still too optimistic overall.
Wednesday, October 15, 2008
INTEL medium-term technical outlook
Intel, one of the tech icons, came out with better than expected earnings and jumped in after hours trading. That's a selling opportunity, as you can see on the left hand chart. If you want to own it, you will have the chance to buy it around $12.5 soon. We are in a clear downside trading channel and broke out of a smaller price pattern. Also, we need to see the monthly 13 to know we have a severe low in place. For the time being, sell any rallies towards 17 and start accumulating around 12.5. The overall market move does confirm a weaker bias short-term anyhow and 4th quarter earnings are still too optimistic overall.
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