INTC - Buy the Dip?NASDAQ:INTC
Potential to buy the dip trade in INTC post Q3 earnings if the 1y low around USD 45 holds true .
Spot Price USD 46.29
Limit Price USD 45.00
Stop Loss USD 41.50
Take Profit USD 55.50
R/R ratio 3:1
Rationale:
Fell through initial support at USD 48 post Q3 earnings
USD 45 marks 1 year low, i.e. strong support level
Tends to trade range bound in a USD 8-9 channel between earnings seasons
Analyst target price USD 53.73
MACD has turned negative and a reversal before engaging in a trade would deliver additional support
Conclusion
No intention to hold a longer term position in the stock unless the underlying fundamentals in the stock show a pivoting shift
Patience before engaging in this trade will be key