INTC - on track for the low $29s

With the broader market resuming lower, Intel (INTC) was particularly on the slide, settling -1.7% @ $30.03 (intra low $29.84). Near term outlook is for further downside to the 29.50/00 zone.. before a bounce to the 32/33s in August. The 26/25s look due by late Sept/early Oct.


INTC, daily

INTC, weekly

Summary

Suffice to say... the giant H/S formation remains intact.

Best guess.. INTC to floor in the low 29s... a $3 bounce to the 32s in August.. and then rather severe weakness in the Sept/Oct. time period.
-

Long term upside.... $50s.

*I will consider a short-term INTC long from the low 29s to 30/31, and then I will seek to re-short INTC in August..  eventually to flip long by early October.