Whilst the main market closed lower for the third consecutive day, the semi-conductor stocks of Intel (INTC) and Qualcomm (QCOM) settled +0.3% @ $29.14 and -1.5% @ $63.44 respectively. Near/mid term outlook is distinctly bearish, with both stocks set for significantly lower levels into the early autumn.
INTC, daily
QCOM, daily
Summary
Little to add.
Both INTC and QCOM look highly vulnerable across the next two months.
Targets.. INTC 26/25... if H/S formation is correct, then $23/21
QCOM: 56/54
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*I remain short-INTC from the $28.90s, seeking my next exit in the 28.25/27.75 zone.
