Intel’s Rally Might Be Fading
Intel has struggled to keep pace with chip makers like Nvidia and Advanced Micro Devices for years. Now after an attempted turnaround, the bears may be returning.
The first pattern on today’s chart is the three-week rally in late May and early June. INTC halted at $36.96, its highest closing price since the stock gapped lower on July 29, 2022. A test and rejection of that zone could make traders think the long-term downtrend remains in effect.
Second is the triangle immediately after the drop. The consolidation pattern resolved to the downside.
Next, the eight-day exponential moving average (EMA) crossed under the 21-day EMA for the first time since May 31. MACD has also fallen for almost two weeks. Is the shorter-term direction getting more bearish?
Finally, INTC is more than $2 above its 200-day simple moving average (SMA) and $7 above its 52-week low. That could make traders see more room to the downside.
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The first pattern on today’s chart is the three-week rally in late May and early June. INTC halted at $36.96, its highest closing price since the stock gapped lower on July 29, 2022. A test and rejection of that zone could make traders think the long-term downtrend remains in effect.
Second is the triangle immediately after the drop. The consolidation pattern resolved to the downside.
Next, the eight-day exponential moving average (EMA) crossed under the 21-day EMA for the first time since May 31. MACD has also fallen for almost two weeks. Is the shorter-term direction getting more bearish?
Finally, INTC is more than $2 above its 200-day simple moving average (SMA) and $7 above its 52-week low. That could make traders see more room to the downside.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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