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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Intel (NASDAQ:INTC) based on the price action in the company's shares. Today's price range of $30.37 and $30.52 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. Traders and investors interested in shares of Intel may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Intel share prices have been bracketed by a low of $21.89 and a high of $37.90 and are now at $30.46, 39% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

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 17.8% exists for Intel, based on a current level of $30.46 and analysts' average consensus price target of $35.89. Intel shares should first meet resistance at the 200-day moving average (MA) of $31.27 and find additional resistance at the 50-day MA of $31.30.

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: bullish inside day candle Intel

Ticker(s): INTC