Looks like its rolling over to me too. Reposting here a post I made elsewhere. The context of this is a discussion with another trader who pointed out that MACD apparently suggests that INTC may have opportunity to move up from here, but since I don't use MACD I can't comment on that and looked to the weekly for some guidance.
Message 15331250
Re INTC,
Since I don't use MACD or Stochastics or any indicator that attempts to give guidance as to where price is headed, its interesting and sometimes shocking to me when I see these indicators plotted on a chart, telling a story other than what I expect.
Its not that my expectations are always met, far from it, but since I've been performing analysis so long without those aids, I forget what impact they used to have when I was doing systems trading.
My comment re INTC is made based on this simple little chart:
intelligentspeculator.com
So on a weekly view a shooting star up into the 20EMA suggests exhaustion, and this past week 'confirmed' with a move lower.
Basically I'll be looking to see is the weekly direction, currently down, continues or is reversed. The weekly chart gives enough clues as to where price needs to go if INTC is to be 'healthy' for a while - anything much above 36 might be interesting. If I were inclined to buy, I'd probably wait for that move to happen, and wait for the inevitable retracement and place buy stops just above those.
Then I'd be protected if INTC pokes its head back up and decides to do a plummet afterwards. |
