Intel Corp - (INTC) - November 8, 2023
Chipmaker Intel* (INTC) spent over two years stuck in the red zone of the SIA NASDAQ 100 Index Report. Since May, however, it has been steadily climbing up the rankings, starting near rock bottom, then spending the summer in the yellow zone.
This week, INTC has returned to the Green Favored Zone for the first time since April of 2020 after climbing 5 spots to 22nd place.
Intel* (INTC) shares traded between $23.75 and $30.75 between October of 2022 and March of 2023, building a base for recovery from a previous downtrend. Since breaking out in March, the shares have been under renewed accumulation, steadily recovering lost territory in a Rising Channel of higher highs and higher lows. Along the way, the shares have snapped out of a downtrend and the 50 and 200-day moving averages and has completed a bullish Golden Cross.
Initial upside resistance appears currently at the top of the channel near $41.00, followed by $44.75 based on a measured move, then the $50.00 round number. A cluster consisting of the channel support line, recent low and 200-day moving average suggest initial support may appear in the $32.00 to $32.50 area.
*Shares of Intel are held in some portfolios managed by SIA Wealth Management.
Just over a year ago, a big 2022 selloff in Intel* (INTC) shares bottomed out near $24.00. Since then, the shares have been steadily recovering in a Rising Channel of higher highs and higher lows. INTC has snapped a 45-degree downtrend line that had dated back to the 2021 peak, a bullish sign, recently called off a correction with a bullish Double Top breakout, and currently has a key technical resistance test underway.
A close above $38.85 would complete a pending spread triple top pattern and confirm the start of a new advance with next potential resistance near $45.50 based on a vertical count, then $50.00 where a round number and previous column highs converge. Initial support appears near $35.20 based on a 3-box reversal.
With a perfect SMAX score of 10, INTC is exhibiting strength across the asset classes.
*Shares of Intel are held in some portfolios managed by SIA Wealth Management.
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