INTCAgain, having a plan and sticking to it with patience helps with consistency. As I mentioned in previous post, I was staying out until either one of the zones were in play above or below. The below came today and I had mentioned a print below we will go visit $56.
We opened right at the 58.39 “uh oh” line I call it. Watched price action (had two 5 minute candles close below, then went to 15 minute to see candle structure overall). And then the game plan played out and price went straight on down to $56, printing a low of 55.93. This is why I wait for set ups; to put the odds more in your favor.
I’ll have to re-evaluate the chart tonight but in the meantime, as we sold right into a demand zone, I think we could see a potential relief bounce.
If anyone followed along, hope it worked out for you!
INTC
INTCIf this wants to go higher I think it needs to clear 60.81 which can be a big hurdle I believe. I think we will get a bounce out of this demand for a potential small day scalp but other than that I’m not making any large moves on this.
Below 58.39 I think we go and revisit the 56 area. Above 60.81 I think it can push to 62. Until then, I’m staying out. I’ll watch if price moves up to the 60.81 supply and if it rejects there, I’ll do a small short with a close stop on it. I think that area is important because if it rejects I see good downside; breaks through and it can push.
NOTE: if just starting to do options, I think stocks like this are great places to start and learn. Staying close to at the money strikes is easier and learning to capture movements are great compared to dealing with the higher end priced stocks like googl, amzn, nflx, etc. that can swing $50 daily. I always will keep trades on with underlying like this. I go for consistency whether that’s moves of $100 or $1; 5% gains (or whatever amount) are the bigger picture for me
INTCPre market consolidation in supply and failing to get above 62.85 = good recipe for rejection. As mentioned in my prior post for this one, suggested this could be a good entry for a short position!
With a rejection at that level, I think INTC just made it harder for itself to invalidate my bear count. Now we saw it rejected supply and faded right down to demand. If it holds here in this demand zone, think it will pop out and push to 61 - 61.65. Those will be big interest levels as if those get rejected, helps support wave count down, suggesting we would be putting in wave “b” up of the larger degree “(a)” wave down.
Alternative is for price to extend the retrace and try to form a micro 5 wave impulse up out of this demand level. But again, I think for that to happen we would see price up to 61 area followed by retrace back to demand (for waves 1-2).
So thinking either b up of “a” down OR will watch for wave 1-2 to form.
*** I did not enter a position today for this one. I was too caught up with some other projections I was watching but now wish I would have focused more here today. If someone did take this set up today, hope it worked well for you!
INTC63.80 is my invalidation... I’m cautious with this one here. Bear argument is that possibly we are forming a running flat correction to complete overall abc retrace. Then again, how many computers have people and companies have to had buy to set up work from home... I know my work had to purchase a lot!
If we break 63.80 I’ll reassess but until then, with it in a big supply zone from before, I’ll watch for some price action and volume size tomorrow. If it rejects here, still think my downside count will be valid and this would be a good short entry. Again, will see what happens because markets change and my view could very well change to upside. Tonight, however, I’m to downside if we reject.
INTCTouched the down trend line right at beginning of day and right at the end of day. Still leaning to downside.
I know others may have different counts but for me, I’m keeping my count unless we get a higher high above 61.49 for a possible invalidation.
Currently still holding onto small short position I entered other day.
INTC IslandsIslands form when 'prices gap up to the formation and then gap down at the same price level' this is what traders would call an island top, where the initial breakout is upward, forming the island seen, and then a drop back down to the water follows so to speak. With a 23/23 success rate in a bull market according to 'Encyclopedia of chart patterns' islands are a reliable way of picking possible reversal points.
INTCClosed within pennies of the 50% retrace today. Tomorrow will be another day to watch closely. If stays under 59.72 I think it can turn and head towards the 54 price range.
Entered a short position right at end of day just as price closed in on the retrace target. Will invalidate my count if 59.72 is broken.
INTCEnd of day we came back out of demand but now looking at it differently. Think 58.78 is going to be important next week if my target of 62 is going to happen (62 is aggressive as 61.85 is the 50% retrace from the start of this overall market drop). If rejected at the supply of 58.78, will be watching and thinking this is the start to the corrective phase down.
58.78 would be 50% retrace for “b” within (a) down. But a retrace to 59.42 - 60 would lead me to think this is wave 2 of 5 down for corrective wave (a) which makes more sense as a-b-c corrections tend to go 5-3-5 waves.
Until Monday...
INTCTook an intraday short trade today when INTC entered (and overshot a bit) a first primary supply level I was targeting. Watched price action and was able to get a good fill on some puts for a nice gain today.
From here I think we continue down to demand level for "b" and then reverse upward towards "c." With the craziness of this market, will watch the up move within "c" as there is potential the "c" wave could become an impulse wave. I don't think this will be the case as I still think the market needs to revisit some downside.
"Intel: going up: by ThinkingAntsOk4H Chart Explanation:
- Price bounced on the Support Zone and broke the Ascending Trendline.
- After that, it is on a Bullish Corrective Structure.
- After the price breaks it, price will up towards the Resistance Zone.
Weekly Vision:
Daily Vision:
Updates coming soon!
INTC : overextended wave 5 possibleMajor support has been tested multiple times around $45. Should it fail, with Wave 3 being less than 1.618, wave 5 tends to overextend itself. Targeting a price point of $35 - $33 to look at building a long position to capture a relief bounce for Wave B of the ABC correction (5-3-5) I’m leaning towards.
Intel forms a cup do i hear a handle??Basic analysis of a promising cup and handle formation, firstly I believe tech stocks will hold this market up during this period of uncertainty, and Intel is a great example. With this bullish formation, after a small pullback to form the handle Intel is setup for a nice run. I might go long on this.
"Intel on a critical level' by ThikingAntsOk4H Chart Explanation:
- Price is on an Ascending Channel.
- It is on the Bottom of the Channel, close to the next Support Zone.
- From here, price may take two ways: 1) start an up move that should take it to the All Time Highs Level; 2) break down the Channel and go towards the Support Zones.
Weekly Vision:
Daily Vision:
Updates coming soon!
"Intel: potential up movement coming" by ThinkingAntsOkWeekly Chart Explanation:
- Price broke the Resistance Zone (All Time Highs Level).
- In lower timeframes, it is on a correction.
- We are sending signals this week to trade this instrument towards the Fibo Zones in case we consider the up move has started.
Updates coming soon!
Amd Bounce coming upI know a lot of you guys are probably confused why AMD played you for a fool this morning with the pop and drop.
But with two new products out and all these hype, it may as well just be a opportunity to double down instead lol.
Small Entry $47.50 area,
may add more at 47.10
Stoploss 46.75
Exit 48.50
$INTC Bullish Consolidation Before Possible BreakoutAs this week of trading is nearing an end, I wanted to share another potential trading setup I've had my eyes on. In this setup we're looking at Intel Corp.
Back in late 2014/early 2015 this instrument began consolidating into an ascending triangle (bullish continuation pattern) and sure enough, price broke through the top side of the triangle and continued heading up to the point we're at now. Following the breakout of the previously mentioned ascending triangle, we can see price is now consolidating into a rectangle.
The 200 EMA has been resting comfortably below both setups as added support - giving me more conviction that we're about to see another break upwards.
I'm looking for a clear break and close above the $59.50 (dotted purple line) area.
Price is attempting to break that boundary with this week's 1W candle close.
If we get a clear close above this chart pattern boundary, I'm targeting price to reach previous all-time highs around $72.50
I hope everyone is having a great holiday season.
If you found this idea informative or helpful in any way, please leave a like or comment to let me know!
Cheers