Intel Corp. (INTC) — This large-cap growth stock and manufacturer of semiconductor chips entered a bear market in September of 2000, when it was over $75 per share, and bottomed out at under $17 in early 2006.
From July 2006 to December 2007, it recovered to over $28 before succumbing to selling, which eventually drove it to $12.
On March 13, at about $13, I wrote, “This traditional technology growth stock appears to have formed a solid base at $12, but to break from the base, it must close above the downtrend and Thursday’s [March 12] high of $14.60.
“If it breaks out, the initial target is $18, but the trend will have changed to intermediate up, which could attract more long-term buying.”
Intel has not only driven above $14.60, but it also established a base above its 200-day moving average, flashed a Collins-Bollinger Reversal (CBR) buy signal, and completed a golden cross — all signs of a long-term change in trend.
Our trading target is revised upward to $22.
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Sam Collins is a registered, fee-based portfolio manager who may be contacted at samailc@cox.net. You can also check out an archive of some of his most recent market outlooks.
