Think for INTC to try and save itself tomorrow it needs to get above 55.75 if it wants a chance at reclaiming 55.93. If the 55.93 zone rejects, I'm leaning towards price testing the new low made and will look at a price target of 54.13 to the downside.
Game Plan: If it can reclaim 55.93 and print above, make higher lows (despite the lower low put in), I would look at a price target of 57.50 to the upside. If it fails to reclaim and tests the new low at 55.26, I think there is a good possibility it fails and we go down and visit 54.13. With 55.26, there is really no support, at all, with it as it is a lower low AND is hanging out in gap zone area from below. If we open tomorrow with bid above 55.93, will look at target upwards to 57.50. If we open tomorrow with a bid below 55.93, will look for it to go test 55.26 with a small risk because either I think it could put up a fighting chance to survive and push back up or, if it breaks, I think we visit 54.13 quickly which is why I am thinking of putting on a small short risk, depending on open, to try and capture a quick move down. If it goes against me, I think it is still a good risk to reward ratio.
Game Plan: If it can reclaim 55.93 and print above, make higher lows (despite the lower low put in), I would look at a price target of 57.50 to the upside. If it fails to reclaim and tests the new low at 55.26, I think there is a good possibility it fails and we go down and visit 54.13. With 55.26, there is really no support, at all, with it as it is a lower low AND is hanging out in gap zone area from below. If we open tomorrow with bid above 55.93, will look at target upwards to 57.50. If we open tomorrow with a bid below 55.93, will look for it to go test 55.26 with a small risk because either I think it could put up a fighting chance to survive and push back up or, if it breaks, I think we visit 54.13 quickly which is why I am thinking of putting on a small short risk, depending on open, to try and capture a quick move down. If it goes against me, I think it is still a good risk to reward ratio.
Trade closed: target reached
Game Plan working out JUST as planned! Went into today without a bias for either direction... game plan lets me know what to look for and just as outlined, opened today with bid above 55.93 (crucial level I think), and being in a demand zone, gave that nice pop out. As it's Friday, I exited my trade as I generally like to be all cash for weekends, except for my longer term swing trades!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.