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Fan Yang

Intel Corp (INTC) Pivoting Above 35.00

A couple of weeks ago, we looked at the dip in share price of Intel (INTC) and noted that it was approaching some key support factors around 34.00.

This past week, price tagged 35.00 and rebounded, closing above 36.00 and establishing a support pivot at 35.00.

INTC Weekly Chart

(click to enlarge)

Bullish Continuation:
- The weekly chart shows a bullish trend since at least September 2015.
- The bullish price action stalled when INTC hit a critical resistance around 38.00. It found resistance here twice (late 2016 and early 2017).
- The double top structure suggested possible bearish correction. 
- However, looking at the pattern of higher highs and higher lows, I would prefer the bullish continuation outlook as opposed to the bearish correction scenario.
- Last week's bullish candle is an engulfing candle, whose open was lower than the previous 2 week's candles', and whose close is above those 2 week's candles' as well.
- I think we should anticipate another test of 38.00. The market will see a failed double top, and the 38.00 resistance will likely be less respected than previously.
- Now that the market pivoted above 35.00, I have a bullish outlook for INTC to 40.00 

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