Straight Up … Into Resistance

Q: How do you know it’s a squeeze?

A: Price action goes straight-up, then collapses.

So, we won’t know for sure, until a downside reversal (not advice, not a recommendation).

Right now (as of 10:57 a.m., EST), we’re at the ‘straight-up’ part.

The INTC, 15-minute chart below, shows the action.

Intel INTC, 15-minute

There’s a lot going on in the chart.

We have a ‘confluence’ of Fibonacci retrace and projection at the 27.25 area.

In addition, there is a price gap in the vicinity of 27.50

Once again, if it’s a short squeeze, it won’t be known for sure until it’s all over and price collapses.

One thing that can be said with some confidence, if INTC reaches 27.25 – 27.50, that puts it at The Danger Point®

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279