FX.co ★ INTC breaks out of wedge pattern.

In our last analysis on INTC we noted the bullish wedge pattern price had formed and the potential of a major low and reversal from the 61.8% Fibonacci retracement it was trading. Price has made a low at $51,57 and is most probably reversed its trend.

Blue lines- wedge pattern

Green lines -Fibonacci retracement

INTC stock price has exited the wedge pattern. Combined with the fact that the RSI was providing bullish divergence signals and that price was turning upwards from the 61.8% Fibonacci retracement, there are increased chances that the entire decline from $68.39 is complete and a new upward move is starting. Of course more signs of strength need to be seen in order to confirm the reversal. Price needs to start making higher highs and higher lows and create a bullish channel. The chances favor the bullish scenario and bullish exposure.