Recent sessions have seen fireworks in chip stocks like
AMD
and
NVDA
. The same cannot be said of Intel.
The semiconductor giant gapped lower on October 22 following weak revenue and guidance. It was the third straight bearish report this year.
INTC has snapped back from the drop but has now returned to potential resistance. After all, prices bounced around $52 in mid-August and mid-October before turning lower. Traders may look for this old low to become a new high.
Not far above is the declining 50-day simple moving average. That could also prove a bearish source of resistance.
Zooming out to the weekly chart we can see a double top around $68 in January 2020 and April 2021. Projecting a sideways channel to the right, we can draw support at the March 2020 and October 2020 lows around $43.60. Given its flat trend and weak fundamentals, the market could look for a test of that longer-term support zone.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
AMD
and
NVDA
. The same cannot be said of Intel. The semiconductor giant gapped lower on October 22 following weak revenue and guidance. It was the third straight bearish report this year.
INTC has snapped back from the drop but has now returned to potential resistance. After all, prices bounced around $52 in mid-August and mid-October before turning lower. Traders may look for this old low to become a new high.
Not far above is the declining 50-day simple moving average. That could also prove a bearish source of resistance.
Zooming out to the weekly chart we can see a double top around $68 in January 2020 and April 2021. Projecting a sideways channel to the right, we can draw support at the March 2020 and October 2020 lows around $43.60. Given its flat trend and weak fundamentals, the market could look for a test of that longer-term support zone.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
