Shares of Intel Corp. (INTC) are sharply lower Friday as traders and investors react to the company's quarterly results. A revenue beat and in-line profit figures were offset by a surprise decline in its Data Center Group. A fundamental downgrade by a sell-side investment firm is also weighing on the stock.
Let's check out the charts.
In the updated daily bar chart of INTC, below, we can see that the shares recently stopped short of the underside of the declining 200-day moving average line. The gap lower has broken the September lows and put prices in position to test the August lows and maybe even the March lows.
While the On-Balance-Volume (OBV) line shows some improvement from August the longer-term pattern from February has been bearish. The Moving Average Convergence Divergence (MACD) oscillator is crossing to the downside for a take profits sell signal. Unfortunately I do not see any profits to take.