17-YEAR BASE
After breaking out of the “17-Year Base” INTC thrived for the next several months before pulling back late last year.
Pullback never is a bad thing for a long-term investor like myself, because pullback provides a higher low to cultivating a stronger uptrend and also gives me opportunity to buy more on the dips (remember, there is no uptrend without higher lows).
With faithful cultivation and establishment of the higher lows and higher highs, long-term trend is still very much valid and affirmed.
Monthly Chart
Primary Trend
Classic technical analysis right here, prior resistance becoming a new support also known as the Rising Pivot (see arrows).
It doesn’t get any more cleaner than this as you can see how well it respected the rising pivot; and the double bottom has been formed in the late 2018 and the price broke above the double bottom neckline (red horizontal box) in the last two weeks.
We may or may not retest the neckline area (red horizontal box) but starting to look very bullish here in the intermediate term.
Weekly Chart
9-MONTH BASE ISLAND
I love big bases and I love island reversals.
“9-Month Base” with Island Reversal, it does not get better than this when it comes to a breakout.
However, just the way it closed end of the Friday, I wouldn’t be surprised to see it possibly filling the gap 51.50ish–it would’ve been much stronger breakout if we saw a strong bullish candle on Friday.
Either we pullback or not, I believe INTC is ready to make new highs above 57.60s as I am targeting 61ish as my next destination.
Daily Chart (screened on Friday mid-day)
HOLDING STATUS
I am holding EVERYTHING since the March of 2017 when I first accumulated Intel shares at 35.05.
Been buying the dips as I have been building positions on Intel (I’m also holding some LEAPS since 45s).
I still believe Intel is a 100-dollar stock (which has been my ultimate target since my first entry in the March of 2017) in the long term.
PART 1, 2, 3, 4, 5, 6, 7
