Intel has now reached our short-selling zone and is currently trading around our 61.8% Fibonacci level. We expect Intel to lose its recently gained bullish momentum and fall back below its current local support at $107.68.
This current bullish movement is counted as orange wave B, which should be interpreted as a short-term recovery phase following the previous strong sell-off within orange wave A. However, we established this Fibonacci selling zone because we expect the market to enter one final major sell-off, breaking below the bottom of orange wave A and reaching our long-term Fibonacci buying zone.
This zone represents a long-term buying opportunity at significantly discounted price levels for the stock.
Long Entry Levels
- 50%: $80.59
- 61.8%: $66.05
- 78.6%: $45.35
Currently, Intel is trading within our short-selling zone. We will validate and deactivate this zone as soon as Intel breaks below the bottom of orange wave A at $81.79.
If anything happens with this stock in the meantime, we will update you immediately.
Kind regards,
Monalytics
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