Intel gearing up for a breakout.

Intel gearing up for a breakout

Negativity rampaged throughout the markets last week as strong selloffs in the Nasdaq, Dow and S&P indicated that there’s a risk-off approach being taken by investors following Powell’s hawkish statements with regards to tapering that is more than likely set to be announced during next month’s FOMC meeting.

Brent Crude lead the pack as it neared the $80 mark after finally breaking it before the US Open this morning trading at $80.50. The precious metals continue to slide lower following a strong US Dollar with Gold making a weekly low of $1721.

The week is filled with high impact news events to look out for with the major focus being on the Unemployment figures on Friday and the Bank of New Zealand set to make its Rate Statements on Wednesday as a 0.25% interest rate hike is expected.

Friday’s movers:

Stocks to watch:

Intel Corporation (INTC)

Intel continues to show growth by Earnings and Revenue exceeding expectations during the previous quarterly report, with the next quarterly earnings due on the 21st of October we’re due to see some substantial movement to the upside if the chip manufacturer continues to exceed expectations. Technically the chart is still in a downtrend as it trades below the 200 and 50 moving averages in the leadup to earnings the latter part of this month, the failure to continue the downward push with higher lows could be a possible indication that a break of the falling trendline might be on the horizon. There could still be a substantial upside to its March highs of this year given the quarterly earnings beat the forecasted Earnings and revenue.

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