$Intel(INTC)$ NOV20 90C, still actionable.
Zone: $86.35 to $87.57
Invalidation: close under $84.65
Objectives: $92.96, then $98.12
The math works out to a 6.9% move to the first objective and 12.8% to the second, against 2.7% risk on the invalidation. That's better than 4 to 1 to the second objective.
Think of a prizefighter who took a hard knock on Thursday and got straight back up on Friday. Intel fell more than 8 percent on Thursday, then closed Friday at $86.96, up almost 2 percent, holding just above the low it printed the day before. This is a swing into the October 29 earnings report, where the question is fairly straightforward: can the chip maker show the server business is picking up steam into the fourth quarter. If that low holds, the path back toward the October highs is open, and the invalidation level makes it clear where the idea is wrong.
One thing worth noting: Intel has moved about 16 percent on average the day after its last three reports, so October 29 is not exactly a quiet date.
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