A veteran Wall Street strategist says Intel (INTC) is showing signs of a bullish countertrend move while Bitcoin (BTC) is approaching levels that could offer a new entry point.
In a new CNBC interview, Katie Stockton, founder of Fairlead Strategies, highlights both equity and crypto technical setups in the current market.
Looking at Intel, she pointed to a prolonged period of consolidation followed by a clear breakout, saying the stock could continue to climb.
“I’m very keen on countertrend setups, and Intel had this prolonged basing phase in place, obviously gapped out of that base and now has, I think, more upside. It’s a confirmed breakout at this time. The initial resistance is kind of in line. Secondary resistance gets you up to $38 or $39… Okay, so it would be nice upside follow-through. That would be a longer-term objective, but even still, I like Intel because it provides almost technical diversity to a portfolio that generally looks a whole lot more like Palantir.”
As of Friday’s close, INTC is trading at $35.50.
Turning to Bitcoin, she says that despite a short-term bearish turn, the long-term picture remains constructive.
“We moved to a bearish short-term bias this week in our research for Bitcoin, just to respect a short-term overbought downturn. But it’s within the context of an intermediate-term range that follows a long-term breakout. So we want to be bullish long-term, just out there looking for a better entry point.”
Stockton also identifies potential accumulation areas for BTC.
“$108,000, that’s the former resistance. I’d love to see it hold there. There are some indications that it might be penetrated. And then the 200-day moving average comes into play. That’s, I think, around $103,000. So if we were to see Bitcoin come down there and start to see stabilization, upturns in those same indicators, that would be our cue to get back in.”
Bitcoin is currently trading at $109,162.
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