By Andrew Nyquist
On April 28th, I posted a chartology about the possibility of a daily Megaphone Topping Pattern on Intel (INTC) — See first chart below.
Subsequent action appears to confirm that assumption. After reaching new 7 year highs, INTC reversed on May 3rd and the move has been lower since. See 2nd chart from today. Note, though, that INTC is very oversold here.
CHART 1 — My annotated chart from 4/28
CHART 2 — Intraday Today
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