INTC - Breaking out of Base
INTC had been basing in sideway range between 24-31 since mid September 2022. It tested the neckline region between 30-31 at least 3 times and similarly the lower range between 24-25+ also 3 times (formed an imperfect triple bottom).
Yesterday it gapped above the neckline on strong volume and in the process, managed to close above the 200 day MA for the first time in a year. It is likely that the stock is now slowly emerging from it's base and any dips in the near future, especially back towards the neckline 30 +/- could be an 2nd opportunity to accumulate. Expect to see the 200 day MA flattening out and a Golden Cross materialising in the coming weeks.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Protect your trade with stop losses. Take care and Good Luck!
Yesterday it gapped above the neckline on strong volume and in the process, managed to close above the 200 day MA for the first time in a year. It is likely that the stock is now slowly emerging from it's base and any dips in the near future, especially back towards the neckline 30 +/- could be an 2nd opportunity to accumulate. Expect to see the 200 day MA flattening out and a Golden Cross materialising in the coming weeks.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Protect your trade with stop losses. Take care and Good Luck!
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