Thursday, November 13, 2008

Intel INTC stock bottom? - strong U TURN buy signal

Market did not like Intel (stock INTC) yesterday after their earnings. It was trading lower in the aftermarket. This caused the Intel stock, and the market, to trade lower today. However surprisingly, Intel closed strong today. This is a text-book style U TURN buy signal in Intel stock.
Is today's low the bottom for INTC stock? Only future will tell but being a trader we can not wait that long... so IMO intel stock has formed a bottom today.

Intel can be traded with a stoploss at today's low.

Another powerful reversal signal in market today

Another powerful reversal signal for Dow Jones Industrial Average around 8000 level.
This is sort of double bottom- market rebounding after testing psychological level of 8000 for DJIA.

The volume was also very nice. Similar signals can be seen in Intel, Cisco, apple etc. (INTC- Intel as such has a strong U TURN signal- bad news- lower open but the stock managed to close strong.

Keep a stoploss at today's low prices.