Intel (INTC) weighed on the semiconductor group Thursday with a gap down and high volume decline. The chart below shows the stock reversing near broken support, which turned into resistance. This is classic technical analysis: broken support turns first resistance and broken resistance turns first support.
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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