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MARKETS: Nasdaq closes at 7-week high — YF Premium long idea for Intel (INTC)

In this article:
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The Nasdaq Composite (^IXIC) finishes the day at a 7-week high, up 1.11%, with the Dow up 358.51 points. Yahoo Finance's Jared Blikre joins Jen Rogers to break down the day's price action as well as YF Premium long Investment Idea for Intel (INTC), which is in an identified bullish trend.

Video Transcript

JEN ROGERS: Welcome back to Yahoo Finance. Up day across the board here, Dow closing above 24,000, NASDAQ above 8,700. Let's go to the charts with Jared Blikre. Jared.

JARED BLIKRE: Hi there. We're looking at the Dow. This is year to date chart on the YFi Interactive up 358 points today. Very nice day for the NASDAQ and S&P 500, closing at basically seven-week highs here. Outperform of the day, as we've been discussing, Russell 2000 nearly reclaiming its 50-day moving average.

And I want to transition now to Yahoo Finance Premium because we have an investment idea today for Intel. Now this is based on fundamental analysis. This is saying they have a bullish trend. They just announced earnings after the bell on Thursday, so we now have two full days of trading activity.

You can see we gapped down basically to 56 support Friday, and now we've rallied from that. As long as that holds, we have a pretty good upwards trend in place. Now we also have the 50-day-- or excuse me, the 200-day moving average just below that at 55 and change.

So they're re-entering their price target of $65, which they previously held, and their long-term buy rating at $65. And we can see that's about right here. That would be about a 10% increase from the current price.

Now to trade that, this is a longer term position that they've had for some time. But in the short term, you can easily play that by placing a stop just under that 55-- or excuse me-- 200-day moving average at the 55 price level that we see right here.

And they're also saying that Intel has run up 13% since our upgrade at $52 in mid-March, but in our view, continues to represent good value. And that's despite pulling their full year 2020 guidance. I'd also add that you can sign up for Yahoo Finance Premium by going to our website, and you will get a 14-day free trial, Jen.