MATRIX Penny Stocks

[livermore4ever]

INTC Technical Analysis (11/Aug/2004)

Hi!

Mid-Long Term Overview:
INTC is trading a long term bearish pattern, having an upside barrier very strong and deeply declined. For this time frame we consider the descending resistance as the main reference, which is right now at the 26.50 level, in complacency with the ema-200 on the same zone.
In July, INTC broke the bottom zone of a trading range, projecting a target of 22.50 for the short term, and accomplishing this same target on a few sessions.

Take a look at my INTC Technical Chart, in order to understand my analysis:
http://globalspeculators.com/trading_futures/index.php?topic=25.0

Short Term Overview:
INTC had a big drop on the last months, leaving an unfilled gap in the 25-25.60 area…
Last month, INTC tried a rebound, but the low are of the gap acted as a resistance level (25), and the bullish reaction stopped, causing further declines until now.

Momentum indicators have been oversold before the last rebound, being neutral right now on new lows… this could mean that INTC has more space to go down, or perhaps the declining is not totally done yet.

The main Key Values for INTC:
21.60 (descending support)
23.50 (short term descending resistance)
25.50 (gap resistance)
25.61 (gap resistance)
26.50 (long term descending resistance)

Resuming:
INTC is having serial problems with it’s Technical charts… Long term is bearish, and will change only if INTC breakout the 26.50 level.
Short term is bearish, but INTC is almost touching the descending support, and this could cause an upside reaction with targets on the first resistance zones.

Best regards,

Jesse Livermore