Intel Corp. (INTC) –This large-cap growth stock and manufacturer of semiconductor chips entered a bear market in September 2000 when it was more than $75 per share. It bottomed out below $17 in early 2006.
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From July 2006 to December 2007, it recovered to more than $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 in order 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, and that could attract more long-term buying.”
On June 10, at $16.45, I wrote, “Intel has not only driven above $14.60, but also established a base above its 200-day moving average, flashed a Collins-Bollinger Reversal (CBR) buy signal, and completed a gold cross — all signs of a long-term change in trend. Our trading target is revised upward to $22.”
The target is still $22, but in light of the current overall market conditions, I’d wait for a pullback to below $16 before taking or adding to positions in Intel.
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