Intel is meeting some pretty stiff resistance around 22, but the overall trend remains up. The stock formed a big bearish engulfing in early December and a harami on Thursday-Friday. Even though harami are potentially bearish candlestick patterns, confirmation is required with some downside. Namely, look for a break below support at 21.25 to affirm resistance and reverse the five week advance. You can see more candlestick patterns on our pre-defined scans page.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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