Intel Prints Shooting Star Candle

Tom Bowley
by Tom Bowley,
Co-founder and Chief Market Strategist, EarningsBeats.com

After gapping up off its recent uptrend, the buying continued on Intel (INTC) intraday on Friday as it surged to a high of 35.29.  By day's end, however, INTC closed at 34.66 - EXACTLY where it closed on its recent high on October 23rd.  Volume was very strong but leaving a long tail above resistance and failing to close above it has short-term bearish implications.  A filled candle would have been worse because that would represent a close below the open.  At least on Friday the bulls had a hollow candle with a higher close than open.  Still, INTC will open the week with much work left to do, a reversing candle and nearing overbought conditions.  Take a look:

Respect a heavy volume breakout this week as the combination of price/volume trumps all, but at least recognize that Friday's reversal could make it tough on INTC bulls as we start a new week.

Happy trading!

Tom

Tom Bowley
About The Author:

Tom was a CPA for 20 years before co-founding Earningsbeat.com. He also joined StockCharts for a stint, hosting SCTV’s flagship show “MarketWatchers LIVE,” providing viewers expert market commentary. Learn More 

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