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Intel Corporation Message Board

  • mikebert mikebert Apr 9, 1998 6:31 PM Flag

    Didn't INTC break support at 75?

    Doesn't the behavior of the last couple of days constitute a penetration of the support at 75? Isn't the general rule that support, once broken, becomes resistance? Anyone knowledgeble about TA care to take a crack at INTC at this juncture?

    It was my understanding that the 75-80 trading range we were previously in should now be a 70-75 trading range, which is why I exited my position at 74 1/2 and bought another stock. Is this an incorrect technical interpretation?

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    • Buffy_the_Stockmarket_Slayer Buffy_the_Stockmarket_Slayer Apr 9, 1998 8:46 PM Flag

      I am reasonably well versed in Intel technical analysis and have been trading the stock for several years. 75 is indeed
      strong support and/or resistence depending on what side of the number you're on. However, there is a strong band of support around
      73 (which used to be the 146 level prior to the split) It tested that during "Silicon Friday" last year when INTC pre-announced
      earnings and the stock fell from 163 to 151 in one day. I bought Intel on Tuesday at 73 3/8, and even though it went to 71 3/8 intra
      day it seems to be hanging around the 73 level. This means our downside risk is reasonably low - unless INTC released earnings
      like AMD did!

      It will be very interesting to see the resistence the 75 level puts up next week because of the relative ease in which we
      breached it last week. Either way, the earnings picture will dictate where we go from here. Dell's positive comments about high end
      computers, as well as Barrett's bright outlook when he spoke in Australia April 3. One other thing, H&Q has an extremely good track
      record in predicting Intel's future. Their upgrade today comes as the best news I've heard about Intel for quite some time.

      The Slayer

    • amply demonstrated today.

      H & Q gave an upgrade today. Will earnings surprise next week?

      My reading is that it could be on the downside. And I am an intel believer.

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