Close to the 50 Day Moving Average: Intel
Published on Saturday, 16 June 2012 09:52 Written by TradersHuddle Wire
New York, June 16th (TradersHuddle.com) - Intel Corporation (NASDAQ:INTC) closed the trading day at $27.34, near its 50 day moving average that is set at $27.09. Intel's price action is just above this important support level, providing a trading opportunity.
Intel Corporation (NASDAQ:INTC), designs, manufactures, and sells microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, and other computer related components. The largest chipmaker in the world was founded in 1968 and is based in Santa Clara, CA.
The peaks and troughs algorithm shows calculated support at $24.84 and calculated resistance at $26.63. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Intel should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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