Will Today be a Test?

Fridays are typically biased to the upside.

With the overall semiconductor index higher in the pre-market, it’s possible INTC could use today to grind its way higher into a test (not advice, not a recommendation).

The chart shows we’ve had an up-thrust (reversal), then a -7.45% drop (ease-of-movement) to minor support levels.

intel INTC, Daily

The blue-line, resistance, is also the 50% retrace from highs of January 2020 to the lows of April, this year.

The objective is to see if the range narrows (upside) between yesterday’s low and high, for a short position (not advice, not a recommendation).

In the pre-market (7:40 a.m., EST), INTC is trading slightly higher (+0.46) pts).

Stay Tuned

Charts by StockCharts

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