Intel — On Its Way To At Least $57, Then $78
Peter Brandt | Jul 20, 2014 01:46AM ET
The advance on June 13 represented a dramatic event — Intel (NASDAQ:INTC) completed a 12+ year basing rectangle pattern on the price charts. The compression or power that is created by such base cannot be minimized. At a bare minimum, this base calls for a retest of the 2000 high at $56.84.
On the daily chart, note that the June 13 advance that completed the massive base represented a “breakaway gap.” This is a powerful technical development. Also, the strong gap on July 16 could also be of the “breakaway” variety — further evidence of the power within this stock price. However, my guess is that the July 16 gap will become an “area” gap, meaning that it will be filled in a likely upcoming period of congestion. Investors should consider purchases on weakness into levels of support. I would be very surprised if the June 13 gap is filled.
The most interesting chart is the quarterly semi-log graph. This chart would suggest that the long-term price targets begin at $78.00 and extend toward $150.
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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