The big earnings report yesterday evening was Intel, and it did not disappoint the bulls. It went ripping higher. I would point out, however, that its high price merely matched its price gap as well as the high earlier this summer. In other words, the resistance line I’ve drawn matters.
Looking at the longer-term, you can see why. The overhead supply is well-formed and massive. Intel might enjoy its moment in the sun today, but long term, the downtrend should resume.
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