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Fan Yang

Intel (INTC) - Bullish Breakout From Falling Wedge

Intel Corp. $INTC might be on a bullish continuation breakout after months of trading in a falling wedge.

INTC Daily Chart

(click to enlarge)

Bullish Breakout
- From the daily chart, we can see that price has been in a falling wedge/channel since it found a high around $57.60 in June. 
- It came down to almost $44 before a rebound. 
- - The 2018-low of $42 from February and is still a possibility especially with price trading under the cluster of 200-, 100-, and 50-day simple moving averages (SMA), as is the case right now.
- Last Friday (9/28), we saw a bullish engulfing candle that also broke above the falling wedge resistance.
- The breakout is a good early sign that the bearish correction might be over. It makes the $44.00 level the likely low for this second half of the year, and reduces the possibility of price falling back to the $42-$43 low. 
- Still, we need to see price clear above $50 for a bullish continuation outlook. For now, the consolidation may have simply shifted from bearish to sideways.
- Because there is still bearish-neutral bias for INTC, we should limit the bullish outlook for now to $50.
- Then, a break above $50, and then a hold above $48 would be a good sign for the bullish continuation scenario.

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