⏩ INTEL. 1 WEEK CHART ACCUMULATION?Hello! Lets look at Intels 1w chart.
1. Mark-up finished with climactic action (buying climax = resistance line) in 2018. Then we saw change of behaviour reaction from bears, we stopped at 42$ level (support line)
2. Then price started to move between resistance and support lines in a horizontal range. In December 2019, January 2020 bulls rally breaked the resitance line but covid incident have declined this try. Bears immidietaly seized the initiative and price tested support line (demand zone). Just look at this BIG SUPPLY BAR (july 2020) with the one of the biggest spreads and volume! But whats the result? Looks bearish, but acts neutral.
3. After that, Bulls tryed to rally and they overcame that bar but have been declined at 68$ as in January 2020 - Lower High.
4. Finally, bears started their reaction - downward channel. Supply and demand lines of the channel work properly.
5. Now we are still in this structure. To tell the truth, this sellers move does not consist great momentum, spread of the bars are not as big as in 2020 reaction so thats more bullish. Recent low on 22 february is LH compare to previous one. Look at rally that began - good spreads, there is no climactic volumes too, just consistent demand, But resistance line have declined that move.
6. Last week closed in a body of big bullish bar, we expect local stopping action (1d. 4 hour) at 45-46 level. This is a nice Point of entry. Targets:
1st - 51$, 2nd 53-54$
7. Overall, in our opinion, we havent seen phase C yet (shakeout, spring) , final move to shake out all weak hands. Only after that we will see higher prices!
Massive cause, isnt it? Write your thoughts down in comment section below.
