Mega cap tech giant Intel (INTC) has seen its stock price fall for the past several weeks. INTC stock is approaching a very important price juncture. As well, the Intel reports earnings tomorrow and this should move the stock.
But before we look at the current chart setup, let’s recap the price action. If you read back over the past couple posts on my site Barts Charts you’ll see that all the way back in June of 2014 Intel stock price broke out of a long term Head and Shoulders bottom (bullish). During the same time frame, Intel stock hit a key retracement level that also showed support in a ratio analysis of INTC stock versus the broader NASDAQ Composite Index (COMPQ). This support held and lead the stock to higher targets.
Now, INTC stock is retracing those gains… into critical support. As you can see below, the stock price has moved back down to the neckline of its breakout (see chart below).
As well, there is a cluster of price support targets nearby. If INTC stock is going to begin another run higher, it will likely be from one of these support levels.
However, if these near-term levels fail, then the stock will likely return to its multi-year base structure. click chart to enlarge
Intel (INTC) Weekly Stock Chart
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No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.