Running Into Resistance
Intel (INTC) had a tremendous run since the the late August of this year; precisely 41.80% move to the upside in just over 3 months! And it is getting stretched as my weekly-oscillators are showing ‘overbought’ sentiment. In early 2012 we did see a steep decline after this signal and so did in early 2015, but I don’t foresee that the stock is going to tumble like it did in 2012 and 2015. But I do see a minor to intermediate term pullback or consolidation type of move going forward as the buyers are possibly losing steam here and some profit taking could occur. Overall though, I don’t believe investors are scare to quickly hit that ‘eject button,’ but they are still holding most of their shares waiting to possibly add more after a pullback.
Bullish Long Term
INTC has finally broken out of this 17-year bondage with confidence, and this is a great news for the long-term investors as I’ve been advocating that INTC is getting ready to soar aiming at all-time high at 75. I am very bullish in the long term and any sharp pullback would be an opportunity to add.
I’ve completely closed our remainder of my CALLS at 44.84 (10/27/17), and now holding all of my SHARES which I’ve accumulated at 35.05 and 36.21. I do think the stock could move higher, but we are starting to get extended on the weekly-chart. I am in it for a long term with my SHARES, so I probably hold them at least another 1-2 years before unloading some of them. If we do see a pullback and challenges the gap-area at 43ish, I do have plan to accumulate more SHARES and possibly get some new CALLS as well.