Intel Double Top, More Sad Grinding Sideways to Come $INTC $SOX
Intel ($INTC) Weekly: After a slow grind in a channel between $15-25 for, oh TEN years, Intel finally made a step higher and broke through $25 on June 2014 – then proceeded to get in ANOTHER sideways channel between $27-37 where it currently sits. It appears that it’s getting a bit double toppy, and seems it may test the seven year trendline support as well as the bottom of that channel it’s been in in the next few month, maybe even weeks. RSI is showing a sharp drop compared to it’s previous levels with regard to price, and it remains to be seen if support levels around $27 will hold.
One may think that, well, since the financial crisis bottom of 2009, $INTC tripled its price so that’s not so bad. Well, sure – not so bad by itself, but when compared to $SOX which nearly rose 600% from that same bottom, and competitors like $AMD which saw a 7.5 fold move to the upside, tripling price during that time seems almost pathetic.
One may think that, well, since the financial crisis bottom of 2009, $INTC tripled its price so that’s not so bad. Well, sure – not so bad by itself, but when compared to $SOX which nearly rose 600% from that same bottom, and competitors like $AMD which saw a 7.5 fold move to the upside, tripling price during that time seems almost pathetic.