Intel (INTC) Tags Key Resistance Level Ahead Of Earnings, Likely To Sell

Intel Corporation (NASDAQ:INTC) is rallying sharply. They report earnings after the market closes today. Analysts expect earnings per share of $0.53 on revenue of $13.54 billion.

 Intel Corp. is likely going to sell off on earnings today. Why? The chart just tagged a HUGE resistance point on the chart after rallying for three straight weeks. This creates an extremely overbought chart setup plus mega resistance tagged. To give it some perspective, Intel rallied from $30.50 on June 27th to a high today of $35.93. This is a 17.8% surge. Historically, INTC rarely moves that much in a year, let alone three weeks. While there is always risk on earnings, my money is in the camp of a sell off.

By Pro-Trader

Gareth Soloway