Chartology: Intel Megaphone Update

By Andrew Nyquist
On April 28th, I posted a chartology about the possibility of a daily Megaphone Topping Pattern on Intel (INTC) — See first chart below.

Subsequent action appears to confirm that assumption. After reaching new 7 year highs, INTC reversed on May 3rd and the move has been lower since. See 2nd chart from today. Note, though, that INTC is very oversold here.

CHART 1 — My annotated chart from 4/28

Intel chart

CHART 2 — Intraday Today

Intel price chart

———————————————————

Twitter:  @andrewnyquist and @seeitmarket     Facebook:  See It Market

No position in any of the securities mentioned at the time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.

Sign up for our FREE newsletter
and receive our best trading ideas and research