Thursday, 16 July 2015

INTC - major fail

Intel (INTC) posted earnings at the Wednesday close, and initially soared into the low $32s, but then consistently cooled in AH trading. With the stock turning negative in the early afternoon (intra low $29.10), but settling +0.7% @ $29.90, this still ranks as a huge failure in terms of price action.

INTC, 60min

INTC, daily

INTC, weekly


*broadly, nothing has changed in terms of the bigger outlook - see weekly cycle. I expect a sustained break <$29 this Sept/Oct... to the 26/25s.

In theory, the H/S formation is suggestive of $22.50, but I realise that is an extremely long way down, and even I'm somewhat dismissive of that target.

*I have been 'lightly' trading INTC in the past month. Right now, I'm leaving it alone until at least early August. I'd prefer to short it again, but somewhat higher, in the $31.75/32.00 zone.