INTC closes within prior day's range
Intel Corp. (INTC) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
INTC ended the week -4.57% lower at 44.88 after gaining $0.65 (1.47%) today, significantly underperforming the Nasdaq 100 (2.77%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (INTC as at Oct 12, 2018):
Friday's trading range has been $1.11 (2.45%), that's slightly above the last trading month's daily average range of $1.10. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for INTC.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical resistance level at 45.19 (R1).
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 46.46. The last time this happened on September 13th, INTC actually lost -0.07% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 43.73 where further sell stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Intel. Out of 716 times, INTC closed higher 52.37% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.17% with an average market move of 0.80%.