Support Holds for Intel Corp (NASDAQ: INTC) Says Market Timer Frank Kollar
October 29, 2008 (FinancialWire) (By Frank Kollar)
Two weeks ago we wrote that shares of Intel Corp (NASDAQ: INTC) had reached a long term support level at $14.26.
Late last week, Intel traded well below that critical level but then rallied and closed right at $14.26. This Monday, October 27, Intel again traded below support and closed at $14.25.
The stock market rally on Tuesday, October 28 certainly helped, but the fact that Intel held at this long term support points a bottom being in for this widely followed stock. Intel rallied some 10% on the day.
Intel could have a long way to go on the upside.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in Intel Corp .
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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