Optimistic, But Not Optimistic...
Updated
59.59 was the happy ending for INTC back in mid-April. As the tensions escalated with China, INTC (and the entire semiconductor industry) suffered a lot. This caused INTC to lose ~25% of its value, but it seems to be ending in a bit or maybe not so much...
There we have a support area at ~44.00. Back in September 2018, this level stopped the downward trend and INTC bottomed around this price level. This seems to be happening again; the downward trend that moved the price from ~55.00 to ~44.00 is probably coming to an end. Scallops, Descending is the developing chart pattern for now. Since the pattern is not completed yet, we do not have a precise price level for the breakout (updates will follow upon completion of the pattern) and noteworthy to mention, the breakout can take place in either direction (more likely from the bottom since the Scallops, Descending is a bearish pattern). RSI is in the oversold territory and it is gradually coming up. Both AO and MACD are indicating the existing bearish momentum is weakening, but there is no sings for bullish momentum yet.
Stay tuned!
P.S. The market is reacting positively to Jerome Powell's statement about the Fed's intervention if things went wrong. While nothing was directly and precisely mentioned by the Chairman, there are tangible signs of real weakening for the U.S. economy as well as the global economy...
There we have a support area at ~44.00. Back in September 2018, this level stopped the downward trend and INTC bottomed around this price level. This seems to be happening again; the downward trend that moved the price from ~55.00 to ~44.00 is probably coming to an end. Scallops, Descending is the developing chart pattern for now. Since the pattern is not completed yet, we do not have a precise price level for the breakout (updates will follow upon completion of the pattern) and noteworthy to mention, the breakout can take place in either direction (more likely from the bottom since the Scallops, Descending is a bearish pattern). RSI is in the oversold territory and it is gradually coming up. Both AO and MACD are indicating the existing bearish momentum is weakening, but there is no sings for bullish momentum yet.
Stay tuned!
P.S. The market is reacting positively to Jerome Powell's statement about the Fed's intervention if things went wrong. While nothing was directly and precisely mentioned by the Chairman, there are tangible signs of real weakening for the U.S. economy as well as the global economy...
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