Intel led the semiconductors in a big way. During last week’s market carnage there was little to be seen that offered some good opportunity. In fact, we had to wait until the markets pulled out of its funk to find out where the heavy hitters were revealed. Monday the 26th was the day, and we saw some amazing action in big tech, which included a recent chart of the week Microsoft. Today our focus is on semi-giant Intel, which posted a stellar session.
The stock finished near the highs of the session on robust turnover, bouncing off that 20 ma like a champ and making a multi-year closing high. The triple bottom established over three months has held in nicely, the stock moving off the third try with some higher highs and higher lows.
Relative strength is impressive here, and while money-flow is not bullish as of yet, we expect to see that turn soon, as well as the MACD in days. We are long INTC calls and look to see this stock make a move toward the 60’s over the coming months.
