Intel Tests Resistance Amid Volume Spike

Intel Tests Resistance Amid Volume Spike

intel-tests
REPORT:

A good week for Intel. Intel broke out of it’s weekly flag pattern and yesterday topped out at 6348 when it met with solid resistance (1).  6547 is the next level the bulls are eyeing if we can break through this resistance cluster. This high paying dividend stock has proven to be a winner amongst investors since the sharp decline of late. A high level of debt, and a highly volatile share price over the past 3 months could be cause for concern amongst short term investors, but overall the outlook is positive. It’s also worth noting that Insiders have bought more shares than they have sold over the past 9 months, with an estimated value of 11m.

Bottomcatcher's Opinion:

For Investors looking to get into position at this stage, providing volume is sufficient enough to drive prices higher and we manage to convincingly break through the resistance cluster, higher prices are likely, Needless to say if resistance holds at (1) any new long positions should be taken with caution. For existing investors a ‘Hold’ rating is the opinion of analysts and myself.