INTC closes above its opening price after recovering from early selling pressure


Intel Corporation (INTC) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

INTC closes above its opening price after recovering from early selling pressure
INTC closes within previous day's range after lackluster session

Overview

INTC ended the week 6.83% higher at 62.26 after gaining $0.28 (0.45%) today on low volume, slightly outperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. Trading up to $0.56 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, INTC gained 0.62% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (INTC as at May 22, 2020):

Daily technical analysis candlestick chart for Intel Corporation (INTC) as at May 22, 2020

Friday's trading range has been $0.90 (1.45%), that's far below the last trading month's daily average range of $1.70. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for INTC.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could speed up should prices move above the close-by swing high at 63.80 where further buy stops might get triggered.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Intel. Out of 741 times, INTC closed higher 50.61% 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 54.52% with an average market move of 0.45%.


Market Conditions for INTC as at May 22, 2020

Loading Market Conditions for INTC (Intel Corporation)...
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