$INTC – Rejection at Resistance, Bearish Momentum Building
Trading Plan: Short $INTC
Entry: 79.50 – 81.00
Stop Loss (SL): 84.50
Take Profit (TP 1): 74.20
Take Profit (TP 2): 70.00
Take Profit (TP 3): 66.00
Market Analysis:
The price recently tested a local high near 87.22 but failed to sustain the momentum, leading to a series of red candles. We are now seeing a breakdown below the immediate short-term support levels on the 1-hour chart. The MACD is showing a bearish crossover with increasing red histograms, and the RSI is trending downward, suggesting that the buying exhaustion has set in.
The current structure indicates that the initial pump has lost steam, and a deeper correction toward the previous breakout zone is likely. As long as the price stays below the resistance zone, the path of least resistance remains to the downside.
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