INTC closes lower for the 2nd day in a row
Intel Corporation (INTC) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, INTC finished the week 1.89% higher at 67.27 after losing $0.17 (-0.25%) today, underperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (INTC as at Feb 14, 2020):
Friday's trading range has been $1.04 (1.54%), that's below the last trading month's daily average range of $1.36. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for INTC.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Unable to break through the key technical resistance level at 67.60 (R1), the market closed below it after spiking up to 67.86 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. After having been unable to move lower than 66.74 in the previous session, the share found buyers again around the same price level today at 66.82. The last time this happened on January 29th, INTC gained 0.21% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 68.09 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 66.74 where further sell stops might get activated. With prices trading close to this year's high at 69.29, upside momentum could accelerate should the stock be able to break out to new highs for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Intel. Out of 290 times, INTC closed higher 53.45% 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 56.90% with an average market move of 0.56%.