During last week’s market carnage, we saw very few buying opportunities. In fact, we had to wait until the markets pulled out of their funk to find out where the heavy hitters stood. Monday, March 26 was the day. We saw some amazing action in big tech, which included recent chart of the week Microsoft. Today our focus is on the semiconductor giant Intel, which posted a stellar session and led the sector.
The stock finished near the highs of the session on robust turnover. It bounced off that 20 ma like a champ and closed at a multi-year high. The triple bottom established over three months held nicely, with the stock moving off the third try with some higher highs and higher lows.
Relative strength is impressive here, and while money flow and the MACD are not bullish yet, I expect to see both turn soon. We are long INTC calls at Explosive Options and expect to see this stock make a move toward the 60’s over the coming months.
Intel (Nasdaq: INTC) Video Chart Analysis
Take a deeper dive into the chart action on Intel Nasdaq: INTC and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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Intel Corporation designs, manufactures, and sells computer, networking, data storage, and communication platforms worldwide. The company operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments. Its platforms are used in notebooks, desktops, and wireless and wired connectivity products; enterprise, cloud, and communication infrastructure market segments; and retail, automotive, industrial, and various other embedded applications. The company offers microprocessors, and system-on-chip and multichip packaging products. It also provides NAND flash memory products primarily used in solid-state drives; and programmable semiconductors and related products for communications, data center, industrial, military, and automotive markets. In addition, the company develops computer vision and machine learning, data analysis, localization, and mapping for advanced driver assistance systems and autonomous driving. It serves original equipment manufacturers, original design manufacturers, industrial and communication equipment manufacturers, and cloud service providers. The company was founded in 1968 and is based in Santa Clara, California.