Intel - Breaking Out?
As tech resumes leadership, after a lacklustre summer, driving that are a number of names that are powering the index move. While one could make an argument for a number of stocks, the one that has a clean set-up is Intel (INTC). Earnings are about month away, but the move is happening now.
Specifically:
- Congestion/ Consolidation zone between $85-$108 formed over last 2 months.
- Thursday’s breakout (up 7.7%) carrying above the threshold. Volume backed the move.
- Momentum and Trend indicators are supporting the breakout.
- What Are The Risks? A slip back into the congestion zone remains a possibility given how nascent the breakout is. Protect long positions with a $99 stop.
Intel - Daily Heikin Ashi Chart - Set for a Breakout?
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