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ARCHIVE:    JUNE/JULY  AUGUST/SEPT/OCT

An InvestorLinks article
distributed every market day.

Intel Corporation (NASDAQ: INTC)
Market Call™ for October 4, 1999
Contributed by Mark Seleznov, TrendTrader.com.

The purpose of this Market Call section is to educate readers in technical analysis patterns and indicators. As with all investment information, you need to research information and consult your financial advisor before initiating any strategies that are contained in Market Call.

Also, you must realize that as with all trading strategies, opinions can change quickly depending on market conditions and developments.

This column tries to present historical examples, potential set ups, and examples of entry and exit strategies.

Focus on Entry on a stock that may be hitting a bottom.

We will use a combination of Trend Lines and retracement from the first bottom of a trend reversal. The last time we looked at INTC, the stock was 88 on September 9, 1999. Today, it is 75. That is a 15% decline. Is INTC going into a bear market or will it hold here and start moving up. I want to be prepared for both scenarios. I can make arguments for both, and I will let the market tell me which way to take the trade.

Drawing Trendlines in a Channel and at support.

Support and resistance can take many shapes. Sometimes it is a horizontal line across support and many times it takes the shapes an angled channel. The drawing of the trendlines is basically the same. You draw them across the bottom support. It is a good idea for a trader to be drawing trendlines on their charts to help them visualize these support and resistance areas. The chart below does not have trendlines drawn on them. You should print this chart and draw your own.

Let's draw these trendlines on Intel Corporation (NASDAQ: INTC)

A descending trendline can be drawn across the highs from September 22 and September 27. This line shows the resistance INTC encounters on each rally. A support line can now be drawn across the lows of September 24 and September 29 and 30.

It looks like a descending triangle, which may resolve itself by breaking down through support with a target price of 63, or finding support and breaking back to the upside. What is interesting here, is that the base is slopping up and the Support found on September 29 and 30, was at higher prices than the September 23 low. MACD, Momentum and OBV is attempting to rally and they have room for a nice rally, even if it is just a minor rally in a major downtrend.

It looks like INTC wants to rally here.

The way I would play INTC at this time would be to place a Buy Stop order at 76. If the trade is entered here the stock would be confirming a short term bottom and I would place a stop at 73 �.

If INTC open down and breaks below support at 73 �, I would enter a Short as the descending triangle formation would be indicating lower prices. My stop if a short is entered would be 75 �.

In either direction, the move here could be explosive. The trades have reasonable risk and reward parameters and the market will dictate our position.

Chart courtesy of
 


Interested in adding Market Call to your website?
Click here for details: Market Call Information

Mark A. Seleznov is a General Securities Principal and Managing Partner of Trend Trader, LLC, a NASD, SIPC broker/dealer firm located in Scottsdale, Arizona. A professional trader for over 25 years, Mark was a Market Maker on the Philadelphia Stock Exchange, a Retail Registered Representative, and futures trader. Mark is an author and recognized expert in equity Day Trading. He conducts seminars in Equity Day Trading and offers his firm traders training and support. If his firm holds any positions in the public companies he writes about, it will be noted at the bottom of his article.

Market Calls is a daily syndicated column on trading by Mark A. Seleznov, Managing Partner of Trend Trader, LLC. For information on obtaining Market Calls for your web site, newspapers, or publication, contact
Trend Trader, LLC at 602-948-1146

Disclaimer: Trading in securities may not be suitable for all individuals. Consult your broker or other professional to determine your suitability. This is not an offer to buy or sell securities. The advice given above is of a general nature and should not be taken as a recommendation to buy or sell the referenced security.

 
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