Intel CorporationShort
INTC 10/25/2023
Updated
INTC
Daily Chart Analysis
INTC has faced significant challenges for investors. It remained in a sideways market from November 2017 to May 2022, lasting almost four years. In May 2022, its 'sideways' market became a 'Distribution' stage as the price broke down, entering a downtrend.
The downtrend was sharp between May 2022 and October 2022, resulting in a 42% drop in price. By November 2022, the price found a bottom and started a rally. The primary trend remains downward, but there is a change in the secondary trend.
In the first half of 2023, there was a pullback, and a secondary trend formed an upward price channel. However, attempts to break through the resistance at 36.75 in June, late July, and September 2023 failed. By October 2023, the price broke below the upward channel's support, indicating that the secondary 'upward' trend may be over, and the price could continue in the direction of the primary trend, which is downwards.
The lengthy distribution stage and ongoing resistance levels suggest significant seller pressure. The primary trend remains intact, and it appears poised to continue.
Entering trade short:
Entry: 32.83
Stoploss: 37.48, -14.16%
Target: 25.20, +23.24%, 1.64 RR ratio
Daily Chart Analysis
INTC has faced significant challenges for investors. It remained in a sideways market from November 2017 to May 2022, lasting almost four years. In May 2022, its 'sideways' market became a 'Distribution' stage as the price broke down, entering a downtrend.
The downtrend was sharp between May 2022 and October 2022, resulting in a 42% drop in price. By November 2022, the price found a bottom and started a rally. The primary trend remains downward, but there is a change in the secondary trend.
In the first half of 2023, there was a pullback, and a secondary trend formed an upward price channel. However, attempts to break through the resistance at 36.75 in June, late July, and September 2023 failed. By October 2023, the price broke below the upward channel's support, indicating that the secondary 'upward' trend may be over, and the price could continue in the direction of the primary trend, which is downwards.
The lengthy distribution stage and ongoing resistance levels suggest significant seller pressure. The primary trend remains intact, and it appears poised to continue.
Entering trade short:
Entry: 32.83
Stoploss: 37.48, -14.16%
Target: 25.20, +23.24%, 1.64 RR ratio
Trade active
Adding to existing trade:entry: 36.05
stoploss: 37.48, -3.97%
target: 25.20, +30.10%, 7.59 RR ratio
Trade closed: stop reached
stoploss: 37.48, -3.97%Note
Timing is everything and just because the idea fails the 1st time, doesnt mean its wrong. Target was 25, price is now 21.
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