Intel Due for further consolidation
There is clear resistance at the all time high from previous price levels.
Unfinished auctions below, but good fundamentals have me thinking it will dip, as it did today, where I traded a Put Debit Spread and made 70% on top of my debit.
Above average amount of new short positions have been reported.
I believe what we are about to see with INTC and across the broader tech sector is a bit of a correction and some consolidation.
We are at all time highs, the only problem is that the bears don't seem to be willing to give much more ground on SPX/NDX. Buyer exhaustion/Absorption will set in soon, in time for the new year. I remember falling hard last year in early January after December highs.
I am bearish on INTC until Jan 14.
I'll probably use a double diagonal option spread as volatility could pick up on me and I want to stay vega positive.
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