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Technology Stocks : Intel Corporation (INTC)
INTC 49.25+0.9%Feb 3 3:59 PM EST
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To: Ira Perkins who wrote (6846)12/24/1996 11:24:00 PM
From: jack c rains   of 186894
 
Ira, yes those resistance and support areas can help one to buy and sell. Intel was much softer than many of the other tech stocks and the general markets early today, but when it came up and ticked one tick past 132 1/2, you had to be ready to buy it right then. It was not filling any gap or anything; it was just technically a time to go with it. And, at the end of the day, it proved the right thing to do as it took off big time. When it went past Monday's high later, you also knew that we were in the midst of reestablishing Intel's uptrend. However, there are many things left to be desired come Thursday - technically. I still want to see many things resolved concerning breaking of upper trendlines, going beyond previous minor tops presently providing resistance, and improving adv/decline lines in the general markets. Intel just has to break above 138 3/4 to show that it has a chance to go to new all time highs in here. In my opinion, it is right in the midst of building a triangle formation which a breakout of it would signal the potential for success in going to those new all time highs. Keep 138 3/8 to 139 in mind, because this is the next important plateau for Intel to go back through. Merry Xmas to all. Good trading. Jack
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