The world’s largest integrated circuit manufacturer seems to have found support at the base of its bullish channel developed in early 2009.
The world’s largest integrated circuit manufacturer seems to have found support at the base of its bullish channel developed in early 2009. Now, the $48 level is its main reference to watch. Its loss would confirm the perforation of the base of its long-term bullish channel, a potential signal to initiate a new downward move, which could take the stock back towards $45-43. On the upside, a hypothetical positive context from the markets could act as a catalyst to propel the company to new highs. The $55 level would become the main level to reconquer. A strong and voluminous breakout above this level would cancel the bearish gap of late October, an event that could give continuity to the movement and go straight to $68 (annual high).
Resistances: $52, $55, $58, $62.50, $68.50.
Supports: $48, $45-43, $38, $33.50.
Targets: (Bullish) $55, $62.50, $68.50 (Bearish) $45, $43, $38.
Trend structure in INTEL:
- Short term: Bearish.
- Medium term: Neutral.
- Long term: Bullish.