INTC closes within prior day's range
Intel Corporation (INTC) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
INTC ended the week 3.18% higher at 52.54 after losing $0.47 (-0.89%) today on low volume, underperforming the Nasdaq 100 (-0.31%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (INTC as at Sep 13, 2019):
Friday's trading range has been $0.76 (1.44%), that's slightly below the last trading month's daily average range of $0.89. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for INTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Prices are trading close to the key technical support level at 51.89 (S1). After having been unable to move lower than 52.07 in the prior session, Intel found buyers again around the same price level today at 52.23. The last time this happened on August 28th, INTC gained 2.36% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the close-by swing high at 53.33 where further buy stops could get activated. Trading close to July's high at 53.50 we might see further upside momentum if potential buy stops at the level get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Intel. Out of 211 times, INTC closed higher 49.29% 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 58.77% with an average market move of 0.69%.