INDEX UPDATE
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The INTC news came out and many now feel it will run-up. Heres an interesting fact per the technicals about INTC. Yesterday INTC gapped up forming a STAR, and the following day was down, some small-some large. One thing we need to keep in mind is that news came out and could over-ride the technicals and push INTC higher.
Here are all the recent dates that INTC gapped up, and all were followed by down days:9/23, 10/21, 11/17, 12/1, 12/22.
I am not saying that today will be a down day for INTC, since the news should be able to over-ride the technicals, but I would suspect that INTC may not run-up as much as many may expect. As only a guess, since my technicals do not give price targets, maybe the high 70's,low 80's, max 85.
Per my short term technicals, INTC just crossed into the overbought region per yesterday's data. Please also keep in mind that any stock can also jump hard in the overbought region. |
