In my previous post, I outlined the resistance level that had to be gained in order for INTC to enter into a bullish confirmation. We are now above that level as I predicted, and there are now 2 likely outcomes; 1. The less likely option is we have a continuation where we re-test the resistance range of 22 and continue upwards, as outlined in my previous post. 2. The more likely option is we re-test the critical 20 level that sent us up in the local ranges. As outlined in the chart, failing to gain 20 created lows, and gaining it created high pumps - we have gained 20, and it pumped us up, now to solidly confirm a broader trend reversal, the chart must prove it can hold that level.
This makes 22 a reasonable long, and 20 an excellent long, depending on which you think is more likely. I will be entering a long position at 20, and am averaged at 19.66.
A stoploss may be set at 19.50, based off being just below the level that held and sent us up past 20 on the lower (15m) timeframes. I'd post a chart analysis demonstrating this, but tradingview thinks I'm too new :(
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.