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.
Weekly Chart
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.
Monthly Chart
Positions Status
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.
Daily Chart
