INTC: Intel

Sun 8th June

Intel has made a rather bullish close to the week and has finished above the key resistance level of $28:


The weekly chart shows that a peak above the $28 is nothing too new though and is no guarantee that price will stay there:


It is the monthly chart that is far more interesting though! Intel made a monthly close above the $28 level back in 2012 but that move was short lived with future candles closing back below the $28 level. The point to note here though is that there was little momentum behind this move as indicated by the ADX (black DMI line). This indicator was well below the 20 level back in 2012. What has caught my interest now is that the ADX is trending much higher with this recent move and is already up near the 20 level:


Summary: This recent close above the $28 is bullish but is no guarantee of continuation. A monthly close above the $28 with continuing support from the ADX would suggest that this may be a breakout move with potential for bullish continuation and to extend much higher.