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INTC Earnings Reaction May Just be the Start of a Larger Upmove


Intel Corporation (INTC) 6% up-spike in reaction to positive EPS and optimistic guidance about the future of the PC business (after 2-3 years of existential concern) has propelled the stock right to a test of the upper-boundary line of its price channel now at 33.55 from the Feb 2009 low at 12.05.

So far, in today's action, INTC is trading just above the upper-boundary line, which begs the question of whether or not the price structure will stall at all prior to embarking on much higher upside trek off of a 10-year base pattern towards 38.00, and possibly to 44.00?

While I cannot argue against taking some profits on INTC here (for anyone who is long), my work indicates that INTC otherwise is "a keeper," as well as a "buy into weakness" if it should correct into the vicinity of 30.00.

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