26.08.202118:22 Forex Analysis & Reviews: INTC stock price forms a wedge pattern.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

INTC is in a bearish trend as price is making lower lows and lower highs. However the price formation is signalling that a bottom and reversal could be near. Price is inside a downward sloping wedge pattern and the RSI is providing bullish divergence warning signals.

Green lines - Fibonacci retracements

Red line - bullish divergence

Blue lines -wedge pattern

INTC stock price is in a bearish trend. Price is expected to continue its move lower towards the lower wedge boundary around $51-$51.40. Resistance by the upper wedge boundary is at $53.95-$54. Breaking above this level and staying above it will be a bullish signal and price could move next towards $58-$58.50. Price is now around the major Fibonacci retracement level of 61.8%. It is very common to see trend reversals around this Fibonacci retracement level. Keeping all this in mind, a trend reversal towards $58 and higher is justified. A move lower towards $51 would be a good buying opportunity.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.