Intel: Ten Years of Falling... Wedge!
Overview:
Intel has been on a prolonged downtrend since its highs of $69 a share between 2019 and 2021.
However, recent price action suggests a bullish opportunity is brewing.
The stock appears to have formed a Falling Wedge pattern at the monthly timeframe, a historically bullish reversal indicator. As of now, INTC is hovering around the $20 price range, a level that has acted as strong support for over 25 years. A further price decline is unlikely, and a bounce from the $20 level is expected in early to mid-2025, with prices likely to challenge the upper boundary of the Falling Wedge.
Observations:
1. Falling Wedge Pattern: The price action is tightly consolidating within a wedge, with lower highs and lower lows, but approaching the apex.
2. Long-Term Support at $20: INTC has tested and held this support level several times over the past 25 years, reinforcing its reliability as a strong demand zone.
3. Oversold Momentum: Technical indicators like RSI on the monthly chart are showing oversold conditions, aligning with the possibility of a reversal.
INTC is expected to continue flirting with the Falling Wedge's upper boundary and will likely exit for a bullish reversal in 2027, completing its ten-year-long Falling [Wedge].
Intel has been on a prolonged downtrend since its highs of $69 a share between 2019 and 2021.
However, recent price action suggests a bullish opportunity is brewing.
The stock appears to have formed a Falling Wedge pattern at the monthly timeframe, a historically bullish reversal indicator. As of now, INTC is hovering around the $20 price range, a level that has acted as strong support for over 25 years. A further price decline is unlikely, and a bounce from the $20 level is expected in early to mid-2025, with prices likely to challenge the upper boundary of the Falling Wedge.
Observations:
1. Falling Wedge Pattern: The price action is tightly consolidating within a wedge, with lower highs and lower lows, but approaching the apex.
2. Long-Term Support at $20: INTC has tested and held this support level several times over the past 25 years, reinforcing its reliability as a strong demand zone.
3. Oversold Momentum: Technical indicators like RSI on the monthly chart are showing oversold conditions, aligning with the possibility of a reversal.
INTC is expected to continue flirting with the Falling Wedge's upper boundary and will likely exit for a bullish reversal in 2027, completing its ten-year-long Falling [Wedge].
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