Updated Chart Pattern-10th April 07
Intel Corp has completed a corrective ABC pattern. Market is expected to take a new uptrend. Market is consolidating in the price range of 18.90 to 19.30. Look for the price action when market opens. If market opens high with high volume, then buy at the area of 19.40. Market is expected to reach at price 20.10 , 21.10, 21.50, 22.05
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7 comments:
Market has opened 30 points higher with an upward gap. Market could come down a bit to fill the gap and then take another upward trend. Buy again at a support point and take profit near 20.50.
At end of today, market closed higher at the expected price target 20.10. During the market hour it touched upper pitch fork at 20.20 price. A first profit can be taken at this area and wait for the next support for an another entry.
As discussed in previous comment, market has got solid support at 20.08 area and closed 70 ponits higher at 20.68. It has got support in 38.2% fibo and closed above 50% fibo area, heading toward 61.8% fibo level.
Intel is still trading higher after some pull back from top. On friday market closed at 20.68. During today's trading hour, watch out for near resistance area @ 20.85. If price crossed the resitance area then it is expected to reach next level @21.10. If price gets resistance the it may come down to 20.25 and then to 19.75
Intel did get small resistance till 20.25 and then is certainly taking a high ride. As expected it has crossed 21.10 and closed high at 21.35. Here it has found support at the cross section of 61.8 fibo retracement and 61.8 fibo fan( price level 21). By looking into the upward force, there is a greater possibility that price will hit 21.80 and into 22 region( congregation are of 88.6 fibo retracement and 50 fibo fan). Now price is at 78.6 fobo retracement and near the previous top.
Intel crossed the target and hit 22.18. It also nearly hit the 50% fibonacci fan. Here we should take all profits and wait for the price action. Let the market unfolds itself so that we can see the next move. Watch and wait for next move.
People should read this.
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