The first week of January was quite eventful with an all-time high for the Dow Jones and Crude Oil breaking above $61 for the first time since 2015 (when it briefly touched $62 and proceeded to drop below $27).
It wasn’t all sunshine and rainbows though, as two tech companies found themselves in the news cycle. Initially both Intel and AMD were quoted as exposing their chips to hacker attacks but later it was cleared up that only devices with the former’s tech were at risk.
We found what happened to their stocks to be very suitable examples of how news is unreliable when it comes to making trading decisions. Our Elliott Wave analysis on INTC back on November 13 already showed signs of weakness and everything happening right now is in line with that prediction. We updated it this week, you might be surprised where we think it’s most likely to go next.
Prompted by the jump that AMD had on the same day, we also performed an analysis for the company that starts from back in 2014 and tracks the 866% rise to the all-time high of $15.55. If our count is correct the chip-maker could be in for new highs.
We’re also looking at Crude Oil and our next Elliott Wave analysis for it is due before Monday’s open.
