Stock of the day: Intel

On Wednesday, we’ll provide a brief update on Intel’s situation. Last time, we mentioned this instrument on March 23rd, when we were waiting for a breakout inside a rectangle pattern. This is how we concluded the previous analysis:

“Since then, Intel has been inside of a sideways trend which can be described as a rectangle. The horizontal support is around 25 USD and the resistance around 31 USD. The way to trade it is pretty simple. The price breaking the upper resistance will give a signal to buy, while the price breaking the lower support will give a signal to sell. Let’s see which direction the market chooses.”

Sometimes trading can be this simple. You don’t predict, but just wait for the market to show you the way. At the end of last week, Intel broke above the upper line of the rectangle (yellow), signaling a buy. This breakout was later confirmed by subsequent candles that formed higher highs and lows. The market chose the upswing, so according to the price action, the buy signal is ON

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-intel-1