February 18 - Chart of the Day UPDATE for Intel
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Chart UPDATE for Intel (INTC)
Massive Bull Pop - Twice!
Looking back, wouldn’t you have loved to be ahead of the curve with us?
Some traded it speculatively via options while others traded it through equity purchase.
Whatever your style and preference, price action technical analysis is your best friend!
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Intel Monthly and Weekly price action technical analysis RESULTS
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
August 1, 2024 - While many investor's and trader's eyes were on Apple and Amazon for earnings after market close on Thursday August 1st we also had our eyes on Intel (INTC) for their earnings announcement.
We don't have a position with Intel and in reverse fashion we waited to post our chart of the day analysis until after they posted their earnings to see how price would react in the after hours market.
And boy did it react because they missed on top and bottom line, announced a cost-cutting plan to slash jobs, and suspend their dividend.
Shares of the chipmaker plummeted more than 16% on the news in after market trading.
We have featured over 250 Charts of the Day since May 2023 and teach Price Action Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
Typically we post our featured chart of the day during regular trading hours but for this scenario we waited until after the earnings announcement in an attempt to identify a potential area on interest on the chart.
On the monthly chart we can see the cross hairs of where two trend lines intersect with support/resistance around the $20 level. (shaded oval area)
After hours, price was trading around $23 so it will be interesting to see where price opens up on Friday August 2nd.
If the Intel bulls are going to step in this could be their last real shot.
Weekly Chart
On the weekly chart we can see that if the $20 area doesn't hold then technically speaking $16.75, $14.25, $12.38, and yes even $8.63 are all in play.
Is there a level you would jump in to the long side?
Only time will tell for sure what price will do next...
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think.
We'd like to hear from you in the comments sections.
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