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Is Intraday Data more reliable than EOD because Intraday is current data?
In my opinion Intraday accounts for upgrades, downgrades while EOD does not.
Obviously, if there is news after the prior close, the prior day's close does not show the stock's response to that news. But the close after the news - would - reflect the effect of the news.
If you are trading intraday, you would not use yesterday's EOD to make trading decisions during the day. You would be looking at hourly, or ten minute or 5 minute or 1 minute data over at least several sessions at least.
If you are trading in a larger time frame, daily or weekly, and there is very positive or very adverse news that you don't anticipate, well, that's what stops are for.
Shorting or buying Put options goes against general Bullish trend.
So use Intraday data to avoid getting caught up in upgrades, downgrades.
Bearish technical scans are tricky and success rates are much lower in general for what it’s worth.
Stock market in general is bullish, OED & Intraday works most of the time.
I say that intraday data is less reliable than EOD because intraday is subject to manipulation. EOD is a special auction different than the open and intraday trading. It is a special auction specifically to limit manipulation so that all participants can agree on a fair price.
I don't see and know what upgrades/downgrades have to do with intraday data and what that is and why its relevant.
I'm no sure if you talking about equities, derivatives, or futures. Stockcharts does not support derivatives, but they do offer futures indexes.
The only question is what you want to do with the data as @markd more or less already answered, that completely depends on your investment horizon. And for the responses to news... well if the response is big enough and pushes a price above or below the intra-day high or low in trading before the announcement.. than that will be reflected in the daily bar at the E-nd O-f the D-ay
To me the question is the same as asking whether daily or weekly data are more reliable... Intraday shows more detail than daily (EOD) and daily shows more detail than weekly etc.. If you are interested in trading multi-month trends, daily and intraday time-frames are probbly none of your interest or maybe if you are looking to buy you might want to look for daily or intraday DOWN-trends to establish a position.
If you are trading intraday then weekly and monthly time-frames are less interesting. You want to peek at a daily chart to make sure your intraday trade does not go against the daily trend....
I guess the short answer is that Intraday and EOD data are both equally reliable!
What do you think of this? http://lucenaresearch.com/shorting-stocks-in-a-bull-market