Swing Trade Idea – (INTC) – November 10, 2020
Our Bearish trade for Tuesday, November 10th is INTC (Intel Corp). INTC is part of the Technology Sector (XLK). XLK has experienced a 13.6% loss in the last month and remains rangebound between $127 and $109.
INTC’s 1M and 6M trend turned bearish on October 23rd and has recently rejected the $46 resistance level. With a technical score of 1 (out of 10), INTC is a very weak stock that will likely move lower.
As a stop loss, if INTC were to trade above $48.00 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves below $0.75.
