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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Intel (NASDAQ:INTC) based on the price action in the company's shares. Today's price range of $32.47 and $32.72 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Intel has traded in a range of $21.89 to $37.90 and is now at $32.67, 49% above that low. The 200-day and 50-day moving averages have moved 0.06% higher and 0.30% higher over the past week, respectively.

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

Potential upside of 9.9% exists for Intel, based on a current level of $32.67 and analysts' average consensus price target of $35.89. Intel shares have support at the 50-day moving average (MA) of $31.40 and additional support at the 200-day MA of $31.29.

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

Keywords: bearish inside day candle Intel

Ticker(s): INTC