Intel has a hard floor at $37, should it go lower it will not move lower than $35.
It should chop between here and $40 and form a wedge, upon breakout we will head higher into the $42-$44 range.
Short term hold (3 month time horizon) price target: $44
Long term hold (1 year time horizon) price target: $70
The top of the channel is around $41, I will be writing weekly call contracts ATM once we reach $41. FURTHER upside potential if we break out above, we will easily see $44. Downside is capped at $37, I expect price action to bounce between $37-$38 before going higher.
If this breakout above the wedge holds, we have confluence with the MACD bullish crossover as well as a bullish DMI crossover on the horizon.
Please use a stoploss, and wait to make sure that the daily candle closes above the wedge.