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Technology Stocks : Intel Corporation (INTC)

INTC 34.72

-2.3%

3:59 PM EST

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To: Pullin-GS who wrote (52290)	4/12/1998 5:46:00 PM
From: Pullin-GS	Read Replies (2) of 186894

Some TA going into week of 4/12/98: Last week's TA read was dismal to say the least. The selling that occurred has done some near-term technical damage, which was lessoned to some degree given Thursday's action. The good news is that it appears that the support at 71 was strong enough to beat the bears down during two high momentum intraday periods on Thursday. As of today, INTC is still trading below the 21, 50, and the 200 EMA. The short-term trend is down...although we did close up about 2% higher on Thursday. Still bearish (with a caveat). Volume dropped below the average 21-V-EMA (it had been above average volume all week). Accumulation/Distribution (of Wilder's Direction System) shows the divergence of -DI/+DI reversing and closing as of Thursday close. This implies cautious buying (accumulation). I expect that this may pick up when trading continues next week. Bullish. The Bollinger Bands have been "wide and loose" in the past several weeks. But during the last 4 trading days they have tightened quite a bit. I expect less volitity in the coming days short term allowing for INTC to build a stronger base and perhaps establish a new trend. BB support is a hair over 69 (support was 67 last week). BB resistance is currently at 77 1/2 at the upper edge of the lower envelope. Last week showed quite a few shares of downside overhead, which did not get taken out. This is one of the reasons things are brighter now with BB. MACD Histogram did breach 0 as expected and the selling continued for 2 days after. Thursday marked a MACD reversal of a 2-week trend where MACD closed higher from the previous day's close. This is bullish. RSI came close to breaching 30, but failed at 35. RSI is currently a hair under 40. The Ultimate Oscillator is one of my favorite trend-reversal oscillators for catching trend bottoms and tops. When it diverges from a stock's price, it is time to put the stock watch. INTC had such a divergence on Wednesday. Verification of the trend reversal was strongly confirmed on Thursday with a close above Wednesday's close. This is very bullish. FTR I bought into INTC again on Thursday after it was evident that a verification would occur. The Candlesticks don't reveal much at this time. I don't show allot of signals to back up a reason to buy INTC at this time. However I do have several strong indicators that could signify a reversal. I have chosen to buy INTC on weaker technical merits. Given the current hype/news by INTC competitors in the recent past, the actual content of the news has had time to propagate. This content IMO is the usual FUD. I expect a price correction over the next few weeks, given INTC does not say something stupid in their earnings on 4/14.

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