#Gold #DAX Our weekly dip into the US market features Intel, probably the leading chip maker. In these troubling times, searching for “safe” longer term stocks is difficult. Someone recently pointed out the earnings of the top 5 Tech shares are greater than the entire US Russell 2000 index combined and as such, are liable to weather whatever storms presidential elections, pandemics, or even the weather, throw. As Intel share price is looking a bit dodgy, we to take a look!
The Covid drop experienced by Intel in mid-March of this year was, from our perspective, arithmetically precise. Unfortunately, in the months since, the share has failed to achieve any real measure of recovery. Our calculations demanded the price close a session above 64.5 dollars to signal bottom was “in” and a cycle toward infinity and beyond could commence. Or more correctly, a run up to 74 dollars eventually and a new all time high. Unfortunately, such a miracle has been noticeably absent so far with the result, we start to suspect some reversals are planned for the share price.
The immediate picture is fairly boring with weakness below 46.25 suggesting travel down to 45.7 dollars is coming. This is a fairly interesting movement, given the drop target level meets the uptrend for the last five years. This alone should certainly give some hope for a bounce. Unfortunately, times are not normal, so we shall be more interested if the company discovers a reason to close a session below 45.7 dollars. This introduces the potential for some fairly strong reversals heading Intel’s way with weakness looking probable to an initial 38 dollars with secondary, if broken, at a confident looking bottom of 30 dollars. We’d certainly anticipate a bounce around such a level, despite a fly in the ointment.
As the visuals show, there’s a Blue downtrend painted on the chart, one which dates back to the year 2000. Intel’s share price broke this trend back in 2017, nudging through the barrier which was at 38 dollars back then. If true strength is perceived to exist within Intel, we’d be remiss not to expect a solid rebound, should 38 dollars make itself known.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:27:45PM | DOW | 27710 | Success | ||||||||
| 10:41:26PM | BRENT | 40.8 | ‘cess | ||||||||
| 10:43:01PM | GOLD | 1901.76 | 1894 | 1889.5 | 1883 | 1904 | 1909 | 1912 | 1915 | 1900 | |
| 10:45:10PM | FTSE | 5799.26 | |||||||||
| 10:47:11PM | FRANCE | 4818.5 | Success | ||||||||
| 10:50:15PM | GERMANY | 12217 | 12151 | 11894 | 11497 | 12349 | 12224 | 12265.5 | 12324 | 12151 | Success |
| 10:52:19PM | US500 | 3405.22 | ‘cess | ||||||||
| 10:55:00PM | NASDAQ | 11516 | Shambles | ||||||||
| 10:58:14PM | JAPAN | 23406 | Success |
