INTC: Chart of the Week
Intel (INTC) is the symbol on this.
I’ve got the daily chart up here and you can see for the past 6 1/2 to 7 months, the stock has been stuck in a range. You can see it’s trying to poke its head above the top end of the range here, which is interesting. The box encompasses the area of almost 31 on the upside to the downside of about 24.5 to 25.
INTC stock is up 30%
We have some good volume. The stock has made a strong move over the past 31/2 weeks since the beginning of March. The stock is up about 30% in just under a month, which is pretty amazing.
We do see today a move above the 200 day ma, and it’s holding in strongly. We saw a couple of weeks ago, we made a move above that 200 day ma, and it didn’t hold and fell right back. But it did make a higher low on the chart.
Obviously, Intel is one of those stocks people hate to be in or even talk about – but every stock that becomes a dog has its day. Intel is probably one of those names. It’s certainly performing well this month with other semiconductor names. In the past, we’ve seen other names – AMD, Nvidia, Broadcom, Qualcomm, Marvell – do so much better performing than Intel. That’s not this case this time around, so this is something we need to pay attention to.
Indicators are perking up
I’ve been seeing some strong options flow – call flow – in the name. Indicators are starting to perk up as well. The MACD went on a buy signal in the early part of March, and now Intel’s money flow has started to turn green. We got quite a bit of green in January and February and it came back down, but we are pushing at a higher level in price right now, and that’s important to see.
Lastly I’m going to show you Intel on a weekly chart. It’s building a nice base at this level here and trying to break out here from the bottom. We have what’s called a double bottom or triple bottom perhaps. It’s built a nice base here, so I think better days are ahead for this semiconductor name.
Once again, it’s really hated in the investment community, but every stock has its cycle, and this might be an up-cycle for Intel.
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