Shares Of Intel Corp (NASDAQ: INTC) Break Out Says Market Timer Frank Kollar
March 25, 2008 (FinancialWire) (By Frank Kollar)
Shares of Intel Corp (NASDAQ: INTC) broke out of a pennant formation back on March 11, but have now confirmed the breakout.
Intel broke above a declining trend resistance line on March 11, and has been consolidating those gains over the past two weeks. But on Monday, March 24, Intel closed above $21.75; a level that had held share prices in check since just after the panic lows in January. This also confirms the break out of the pennant formation on March 11.
Intel should now reach its first target for this advance at $23.00 in coming days. If that level is surpassed, the next target will be $24.21. That will also act as a strong resistance level for this widely traded stock.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in Intel Corp .
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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