INTC slips to lowest close since March 20th


Intel Corporation (INTC) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

INTC falls to lowest close since March 20th
INTC closes lower for the 7th day in a row
INTC runs into sellers again around 48.32
INTC closes within previous day's range

Overview

Moving lower for the 7th day in a row, INTC ended the month -20.22% lower at 47.73 after losing $0.26 (-0.54%) today, significantly underperforming the Nasdaq 100 (1.78%). Today's close at 47.73 marks the lowest recorded closing price since March 20th. 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 Jul 31, 2020):

Daily technical analysis candlestick chart for Intel Corporation (INTC) as at Jul 31, 2020

Friday's trading range has been $1.35 (2.8%), that's slightly below the last trading month's daily average range of $1.45. Weekly volatility is also lower, being slightly below 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 Last Engulfing Bottom Pattern.

After having been unable to move above 48.50 in the previous session, the stock ran into sellers again around the same price level today, missing to move higher than 48.32. The last time this happened on July 23rd, INTC lost -16.24% on the following trading day.

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

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "7 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Intel. Out of 11 times, INTC closed higher 72.73% 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 four trading days, showing a win rate of 54.55% with an average market move of 0.64%.


Market Conditions for INTC as at Jul 31, 2020

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