Trade of the Day – Intel Corp (NASDAQ: INTC) January 9, 2024 99

Trade of the Day

Intel Corp (NASDAQ: INTC)

(Current Price: US$48.45) – TECHNICAL BUY

Buy price: US$48.45     Stop loss: US$46.60 (-3.82%)  

Take profit: US$52.40 (+8.15%)    

 

 

(1): Intel Corp found support upon a retest of the rising wedge support it is trading in

(2): This is also confluent with a retest of a recent horizontal resistance break out turned support level at US$47 and the 20-day moving average (MA) which acted as a dynamic support in December 2023 during a pullback

(3): The bullish view is supported by increasing momentum recorded on both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators

 

We believe the price could head higher towards the resistance level at US$52.40 and rising wedge resistance, which was a horizontal resistance level from October 2021 – January 2022

Expected timeline of the trade is 1-4 weeks from the date of report issuance

This counter is available for trading on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here, or scan below:

 

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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