INTC breaks back above 100-day moving average
Intel Corporation (INTC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, INTC finished the month -4.93% lower at 59.83 after gaining $1.56 (2.68%) today, outperforming the Nasdaq 100 (1.96%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (INTC as at Jun 30, 2020):
Tuesday's trading range has been $1.44 (2.45%), that's slightly below the last trading month's daily average range of $1.66. 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.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 100-day moving average at 58.72 for the first time since June 24th. When this moving average was crossed above the last time on June 15th, INTC gained 0.50% on the following trading day. Prices are trading close to the key technical resistance level at 60.50 (R1).
Intel shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 60.89 where further buy stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Intel. Out of 321 times, INTC closed higher 54.21% 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 54.21% with an average market move of 0.56%.