INTC pops to highest close since June 6, 2018
Intel Corporation (INTC) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
INTC finished Tuesday at 56.71 gaining $0.43 (0.76%) on high volume, slightly outperforming the Nasdaq 100 (0.34%). Today's close at 56.71 marks the highest recorded closing price since June 6, 2018. Trading up to $0.59 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (INTC as at Apr 16, 2019):
Tuesday's trading range has been $1.40 (2.47%), that's far above the last trading month's daily average range of $0.81. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for INTC.
Five candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Gravestone Doji showed up on December 14, 2018, INTC lost -1.63% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2018's high at 57.60 is within reach and we could see further upside momentum should the market manage to break out beyond.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Long-Legged Doji" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Intel. Out of 23 times, INTC closed higher 73.91% 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 52.17% with an average market move of 0.62%.