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Intel (INTC: 21.02 0.00 0.00%) - The break of the bearish trendline resistance generated a buy signal on Tuesday, and the stock has remained above that buy signal since. INTC is now pulling back after the surge in the stock’s price. In theory, this move could indicate a change in trend in short term but let’s remember that the bullish trend formed since 18.96’s low still remains intact and price action is hovering around 20.97 support ( 50 SMA on daily chart). Only a brake below this could weaken the stock towards its major support zone of 20.68-20.75. On the other hand, If 22-22.25 level is broken expect an upward trend continuation to 23.17.
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Bank of America (BAC: 13.98 0.00 0.00%) - The earnings report determined stock’s direction and bears are now taking control of the situation. Short and medium term trends point out a bearish scenario for the stock.
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Motorola (MOT: 7.50 0.00 0.00%) - On my previous posts on Motorola I mentioned my bullish outlook on the stock. Extremely bullish moves are taking place over the last session’s. However, the daily chart is announcing the expected retrace although we need confirmation with a break through 200 dma. The outlook for Motorola is positive as long as it stays above $7.35. MOT finds an immediate resistance at $7.80 and support at $7.48. For long term traders, this could be an opportunity to start building a position.
1 comment:
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