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The Long Investor - $INTC part 2
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Ouch.. $INTC is gapping down about -25% this morning to around $68 after the report, and it is sitting right on top of the blue line at $69.50 and the Buy Zone.
The numbers were actually fine with a beat on revenue and EPS, but the Q4 guide was ugly at $15B to $16B against $17B expected, a 38% gross margin, and PC demand weak into next year, plus no free cash flow in 2027.
It does not help that $GOOGL fell -13% yesterday and $AMZN is down about -7% this morning, so the whole AI and chip trade is getting punished right now.
For me this is still the ABC correction after Wave 5, with Wave C now testing the 0.618 Fib at $65.80, and I believe that is still standard with zero surprises in spite the large sell off in the PM.
However, it loses the 0.618 Fib then the 200 WMA at about $42 is the real downside risk, and that is a long way down from $92.
The Street consensus was about $115 from roughly 50 analysts before the report, with a high of $200 and a low of $80, and the cuts are coming in at $83 to $100, so the stock is already below the old low.
Bulls want to see it hold the buy zone, and then the 1 Fib at $192.98 is the first target when the reversal comes, and the 1.618 Fib at $269.27 beyond that.
At this point, be greedy for support confirmation because the guide was not ideal and the 200 WMA is the risk.
Ouch.. $INTC is gapping down about -25% this morning to around $68 after the report, and it is sitting right on top of the blue line at $69.50 and the Buy Zone.
The numbers were actually fine with a beat on revenue and EPS, but the Q4 guide was ugly at $15B to $16B against $17B expected, a 38% gross margin, and PC demand weak into next year, plus no free cash flow in 2027.
It does not help that $GOOGL fell -13% yesterday and $AMZN is down about -7% this morning, so the whole AI and chip trade is getting punished right now.
For me this is still the ABC correction after Wave 5, with Wave C now testing the 0.618 Fib at $65.80, and I believe that is still standard with zero surprises in spite the large sell off in the PM.
However, it loses the 0.618 Fib then the 200 WMA at about $42 is the real downside risk, and that is a long way down from $92.
The Street consensus was about $115 from roughly 50 analysts before the report, with a high of $200 and a low of $80, and the cuts are coming in at $83 to $100, so the stock is already below the old low.
Bulls want to see it hold the buy zone, and then the 1 Fib at $192.98 is the first target when the reversal comes, and the 1.618 Fib at $269.27 beyond that.
At this point, be greedy for support confirmation because the guide was not ideal and the 200 WMA is the risk.
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