Undervalued INTEL (Long)
Updated
Intel has underperformed for a while now and it's price reflects that. However, the chip industry is on fire atm and INTEL still remains the largest Chip producer in the world.
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Price action is currently stuck in a descending wedge (Bullish) with a bearish rejection at the recent resistance. Watch carefully to what happens at the wedge support around 51.70 (1). With strong support we may see it test that wedge resistance again and ideally break through to the levels indicated at 2, 3 and 4.
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Negative scenario: Wedge support is broken and we head to LONG term (Sep, 2018) support around 45-46 level.
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Not financial advice - Do you own DD.
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Let me know your thoughts and GL!
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Price action is currently stuck in a descending wedge (Bullish) with a bearish rejection at the recent resistance. Watch carefully to what happens at the wedge support around 51.70 (1). With strong support we may see it test that wedge resistance again and ideally break through to the levels indicated at 2, 3 and 4.
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Negative scenario: Wedge support is broken and we head to LONG term (Sep, 2018) support around 45-46 level.
----------
Not financial advice - Do you own DD.
---------
Let me know your thoughts and GL!
Note
INTEL ripping out of the wedge here to the upside. Lets see if it can maintain this. Look for a retest of the breakout level and the price action's response.Note
15 minutes after open and INTL is up 2.3% and found new local highs.Note
Big retest of the 54 support atm.....if this holds and NASDAQ doesnt beat us down too badly. Monday could be a nice green day.
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