2 Intel Charts This Pro Is Watching
In last week’s Dow Thirty report, Eagle Bay Capital founder and Market Technician JC Parets and his team looked into two Intel Corporation (NASDAQ: INTC) charts.
The expert explains that, structurally, Intel “confirmed a failed breakout in January and bearish momentum divergence.”
The firm said this was not good, and “now relative strength is also back into this range from 2012-2013 that we [the analysts] said had been a bullish breakout.”
Eagle Bay still only wants to be long “above that shaded area near 35.50 and more neutral if below it.”
Looking at last Friday’s chart, Parets highlighted he “only wanted to be long above the September highs with a target near 39 and...below that neutral is best.”
"If prices consolidate a bit above the 200 day moving average,” he added, it could be a bullish indicator. “This did not happen either and now momentum is in a bearish range hitting oversold conditions on this correction.”
Parets concluded he sees “little to do here with this...overhead supply...and would continue to approach this from a neutral perspective.”
Shares of Intel gained 1.69 percent last week, and almost 1 percent on Monday.
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