INTC rockets $5.15 (8.13%) after posting strong earnings
Intel Corporation (INTC) Technical Analysis Report for Jan 24, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, INTC ended the week 14.88% higher at 68.47 after surging $5.15 (8.13%) today on high volume, notably outperforming the Nasdaq 100 (-0.82%) following Thursday's earnings report. This is the biggest single-day gain in over 18 years. The last time we've seen such an unusually strong single-day gain on Wednesday, INTC gained 0.94% on the following trading day. Today's close at 68.47 marks the highest recorded closing price since September 5, 2000. The bulls were in full control today, moving the market higher throughout the whole session.
Daily Candlestick Chart (INTC as at Jan 24, 2020):
INTC reported earnings of $1.52 per share after Thursday's market close. With analysts having expected an EPS of $1.25, Intel Corporation topped market expectations by 21.6%. The company's last earnings report was released on Oct. 24, 2019, when Intel Corporation reported earnings of $1.42 per share topping market expectations by 14.5%.
Friday's trading range has been $2.82 (4.24%), that's far above the last trading month's daily average range of $0.96. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for INTC.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 60.43.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Intel. Out of 85 times, INTC closed higher 52.94% 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 61.18% with an average market move of 0.78%.