INTC > 64Game plan:
Ticker: INTC
Sector: Technology | Semiconductors
Average Beta: 0.66
Set up: Wedge Breakout
Entry Price: 64.31
Stop Loss: 61.89
Price Target: 75+
Scale in/out: Want to scale into the breakout with volume supporting bids. Will scale out and pay for the trade when buying pressure starts to decrease.
Will you trail: Will trail with previous day LOD
Next Earnings: April 29th
Previous Earnings: January 21st
ATR: 1.96
ATV: 38.12M
Spread: 1c - 5c (spread shouldn't be an issue in this case as INTC is very liquid)
Support: 62 Pivot
Resistance: 64, 65, 69.50, and phycological figures
Key Levels: 62, 64, 65, 69.50 and phycological figures
Short Interest: 1.50%
I really like this setup due to its wedge formation along with it being in one of the strongest sectors in the market. This trade can really be supported through the help of the markets approaching all time highs..
There is no real issue with the trade except for its target being 15% away with a low beta which can cause me to get stopped out of the trade early. Another thing is that a bit more consolidation wouldn't hurt the trade but instead reveal the real areas of support which is completely fine.