Send me real-time posts from this site at my email
Fan Yang

Intel Corp (INTC) - Key Levels at a Critical Juncture

Intel Corp (INTC) has been consolidating for over a month after it rallied to about 32.70 in mid-March. 

INTC 4/20 4H Chart

(click to enlarge)

The 4H chart shows that the consolidation initially formed a double top, but price has not been able to extend below 31.33. 

Now, price is trading under this double top but above a rising speedline. Now, if price breaks below 31.30, we might see further downside. I would still give it elbow space to 31.00, If price can hold above 31.00, bulls still have the rein. But below 31.00, we might expect a dip towards 29.50-30, with even the 27.70 low on the year in sight. 

Now, if price can clearly push back above 32.00, INTC would be above a short-term falling speedline, and back above the 50-day and 200-day simple moving averages (SMAs). In this case, we can anticipate a push towards 32.70. A break should open up the 34.00 handle ,which was common support for a December consolidation. Above that, the 35-35.50 highs will be in play. 

So, 31.30 and 32.00 could be key levels at this critical juncture. Which way will INTC break?

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue