THE SETUP
I am long on Intel (INTC) since 35.05, and been aggressively accumulating on the dips ever since.
Below is the chart of my last setup on INTC when it suffered about -27% decline since the peak.
- Blue line represents rising pivot, it means prior-resistance could potentially become a new-support
- Blue arrows represent oversold condition within a primary-term uptrend
- The oscillator (at the bottom) denotes/affirms that “oversold” condition
- The vertical-highlights indicates the the bottoming process before it runs again
So, I was anticipating this level (back in late May) as “the bottoming process” so I was aggressively accumulating more longs here.
INTC WEEKLY-CHART LATE MAY
Below is the same but zoomed-in chart I’ve screened today.
It came back down again (after initially bouncing) to retest the support area in late August (which it gave me more opportunity to accumulate more). But in the last few weeks, it has bounced back up very rapidly as you can see below as it is now retesting the recent swing high.
So where do we go from here?
INTC WEEKLY-CHART TODAY
THE DOUBLE BOTTOM
I like the double bottom here and I like how it has closed above the prior resistance just this past week.
What the bulls want to see is the prior resistance becoming a new support by holding above 50-53 (don’t choke this level, give generous wiggle room). If we can do that, INTC is going after 60s from here.
INTC WEEKLY-CHART TODAY
HOLDING STATUS
I’ve been trading options in and out of INTC, but I am holding all of my SHARES in full as of today–I have not yet closed out any of my SHARES since my first entry at 35.05 in early 2017. I intend to ride this all the way up to 90-100+ before I close out any of it. And I am going to continue to accumulate as the opportunity present itself like it did this summer.
SEE PART 1, 2, 3, 4, 5, 6, 7, 8
