INTC closes higher for the 4th day in a row
Intel Corporation (INTC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, INTC finished Wednesday at 50.37 gaining $0.37 (0.74%) on low volume, significantly outperforming the Nasdaq 100 (-1.67%). Trading $0.52 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. 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 Sep 16, 2020):
Wednesday's trading range has been $0.86 (1.7%), that's slightly below the last trading month's daily average range of $1.06. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for INTC.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Shooting Star which are both known as bearish patterns. The last time a Bearish Spinning Top showed up on September 4th, INTC lost -2.34% on the following trading day.
Prices are trading close to the key technical support level at 49.57 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Intel. Out of 69 times, INTC closed higher 57.97% 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 63.77% with an average market move of 0.48%.