Intel has been rising strongly in the last few trading sessions – in line with our earlier forecast for this company. The price yesterday approached the previous buy target 31.00 – after which it retraced down from the upper resistance trendline of the latest accelerated up channel from May.
Intel might correct further toward the former resistance level 30.00 (intersecting with the support trendline of the aforementioned up channel). The price is likely to reverse up from 30.00 toward the earlier buy target at 31.00 (forecast price for the completion of impulse (3)).
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