Support Holds for Intel Corp (NASDAQ: INTC) Says Market Timer Frank Kollar
July 16, 2008 (FinancialWire) (By Frank Kollar)
Shares of Intel Corp (NASDAQ: INTC) appear to have held at support. The Fib 78.6% retracement support level at $19.62 was likely a critical turning point for Intel.
Intel closed fractionally above this support level on July 9 and then rebounded with a solid gain the following day. Tuesday’s July 15 after hours earning report adds fuel to the fire and will likely result in higher highs over coming days, even though the overall stock market has been declining over credit and inflation fears.
A close below $19.62 would be bearish for Intel and would probably result in a test of the January lows around $18.00. But unless the stock market throws a huge monkey wrench into the forecast, expect Intel to move higher from here.
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.
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.
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