8.6.17 | INTC | Short Trade breaking out of a Rising Wedge

INTC | Price has formed a rising wedge and has already began breaking out. Sellers have had control of the market for the past two trading sessions closing each day bearish, which is the indication the bearish breakout of the rising wedge has started. A large inverted Head+Shoulders pattern (grey) is forming as an underlying pattern to the breakout on the falling wedge. The first target of the selloff is the .382% line and the second target is the .5% line. It is doubtful that price will close below the .5% line, however if it does there is a major support line that price will pivot on and reverse to complete the form of the right shoulder on the inverted Head+Shoulders pattern. It is highly recommended to tighten your stop at the second target. The MACD has started to indicate a pull back to its signal line, Stochastics RSI is starting to tick out of Overbought, and the Awesome Accelerator has already started selling back to the zero line. Enter on mondays open, and if you're using stop's set it using daily volatility and the 8EMA.

코멘트:

Hi Folks, if you were in this trade it would have been a good trade to hold for the 100% retracement.

코멘트:

It is now 8.25.17 and this Trade Idea is VOIDED.