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Possible Bearish Inside Day Candle Pattern Detected for Intel Corp (NASDAQ:INTC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Intel Corp (NASDAQ:INTC) based on the price action in the company's shares. Today's price range of $56.33 and $56.34 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Intel Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 7.5% for shares of Intel Corp based on a current price of $56.33 and an average consensus analyst price target of $60.56. Intel Corp shares have support at the 50-day moving average (MA) of $52.92 and additional support at the 200-day MA of $49.06.

Over the past year, Intel Corp has traded in a range of $42.04 to $57.60 and is now at $56.33, 34% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.7%.

Intel Corporation designs, manufactures, and sells computer components and related products. The Company major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory, graphic, network and communication, systems management software, conferencing, and digital imaging products.

SmarTrend is tracking the current trend status for Intel Corp and will alert subscribers who have INTC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle intel corp

Ticker(s): INTC