1 Intel Chart This Pro Is Watching
Shares of Intel Corporation (NASDAQ: INTC) rose more than 2 percent on Friday, but are still down 14 percent in the past three months.
In a recent report, JC Parets of Eagle Bay Capital revealed how technical traders can view Intel stock.
According to Parets, "structurally...Intel confirmed a failed breakout in January and bearish momentum divergence.”
This, he explained, "is not good."
Parets noted, however, that the stock's relative strength -- compared to the overall market -- is near where it was in 2012 and 2013.
Those levels eventually led to a "bullish breakout," he added.
Going a bit deeper, though, Parets said he only wants to be long on Intel if the stock trades "above that shaded area near $35.50 and more neutral if below it," as indicated above.
"This is still something we [Parets and his team] therefore would rather approach better from a tactical perspective."
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