Earnings Play: Intel
Jason Lubin October 23, 2020 2:15 AM
If price can hold at the upper trendline of the ascending wedge pattern then look for a retest of 56.25.
Today, after market, Intel (INTC) is expected to release third quarter EPS of $1.10 compared to $1.42 last year on revenue of approximately $18.2 billion vs. $19.2 billion a year earlier. Intel designs and manufactures microprocessors and on October 20th, Bloomberg reported that the company agreed to sell its NAND memory and storage business to SK Hynix for 9 billion dollars.
Technically speaking, on a daily chart, Intel's stock price is currently holding at the upper trendline of an ascending wedge pattern that price recently broke out above in early-October. The RSI is over 50 and holding above a bullish trendline. Price will likely hold around the upper trendline before gaining momentum and advancing to retest the 56.25 resistance level. If price can get above 56.25 it would be a bullish signal because 56.25 acted as major support for price earlier in 2020. After 56.25 the next target would be 60.00. On the other hand, if price fails to hold above the upper trendline, then price could find support around the 50-day simple moving average (SMA). If price cannot find support at the 50-day SMA, then the next stop would be the 50.00 support level. If price cannot rebound off of 50.00 then it could fall even further.
Source: GAIN Capital, TradingView
From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.