Intel Volume - Accumulation or Breakdown?
Intel traded 894 million shares in the last five trading days.
Here’s a five-year chart:
Notice that volume bar on the far right. Unprecedented. Is this accumulation on a massive scale? The Big Guys often load up at the ugliest moments, and the only clue is the volume. On the other hand, a look at the daily chart shows each day since the gap has been farther down. Often huge volume associated with accumulation sets a very firm bottom. So far it hasn’t on this one.
Because of that action, I’m inclined to think INTC is being abandoned. If so, that would probably mean months of sideways movement, at the least. If I were looking to get in on this “bargain” with all my life savings and my 401(k), I’d certainly be patient and see if 20 holds. No need to be greedy here.
dummyspots.com » 28 Apr 06: A Spark in the INTC chart? said,
April 28, 2006 @ 9:31 pm
[…] Back in January, in addition to noting the historic options expiration day, I also mused a little on the massive volume in Intel, and, due to the fact that the price was not holding even after the big drop, I said the following: Because of that action, I’m inclined to think INTC is being abandoned. If so, that would probably mean months of sideways movement, at the least. […]