Technical analysis on INTC stock price.

In previous posts we talked about the bullish wedge pattern that was formed in the INTC chart. Price was also trading around the 61.8% Fibonacci retracement which is also a level we usually see trend reversals.

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Red line -bullish divergence

Blue lines- wedge pattern

Green lines - Fibonacci retracement

Price has reversed its trend. Price is now making higher highs and higher lows. There are increased chances that INTC has formed an important higher low. Price is reversing from the 61.8% Fibonacci retracement and has exited the wedge pattern. All signs are positive and promising of a start of a new upward move. First target is at $58. Support at $52.98 is key for the bullish scenario. Bulls do not want to see price below this level.

The material has been provided by InstaForex Company - www.instaforex.com

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