INTC week chart - completes retracement
Updated
INTC saw a decade long uptrend until competition from AMD and NVDA likes hit the Co. After forming a double top at 69+ it retraced at fibo .786 to a local low area of 24-25 where the stock consolidated and shaped a double bottom. It bounced off to fibo 0.618 level in 51-52 area and it's sliding again to 0.618 level of the last upward wave. Would consider a 34.8 as entry point with a 32 stop, it should be wave CD in abcd pattern, assuming fading momentum, other headwinds, CD won't last more than 1.272 of BC, hence 55.7 is a mid term target
Trade closed: stop reached
My trade was closed by a 32 stop (TG I put it up), The price didn't hold fibo .786 retrace either and is now at a full steam on the way to test an Oct'22 - Feb'23 lows, I think it will hit lower than 22 lows... long term I am still bullish on INTC
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