Saturday, December 02, 2006

INTC Analysis 12.02.2006

For the month of November, we have a doji candle right up against the 34ema. Current indecision by investors. The monthly chart shows a possible bullish gartley butterfly type pattern. Watch the lower timeframe charts for evidence of either early buying or continued selling.

Possible 5 waves up into 89sma as overhead resistance, and prior LIS (prior support now becoming resistance).

Exhuberant buying at the top was met with indecision, and last ditch failed effort to reach new highs. Profit-taking has now taken price below short term support and below the 34ema. Watch next week closely for signs of continued selling.

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