The Intel Corporation (NASDAQ: INTC) continues to sit in the positive territory for the year, even though the stock was briefly below the year’s opening price recently in October and at one occasion in September. As we know, October a red month for the equity markets, but now they seem to be picking up the pace again.
Intel Corp. is not lagging behind, as the share price manged to get above the medium-term downside resistance line drawn from the peak of the 4th of June, this way indicating that the stock may travel a bit more to the upside. The only thing that concerns us is that INTC has recently entered a short-term range, between the 46.45 and 49.30 levels. Taking into consideration everything what was mentioned above, we will take a cautiously-bullish approach for now.
A push above the 49.30 barrier, could confirm a forthcoming higher high on the 4-hour chart and may open the path towards the next potential area of resistance at 50.60, marked by the high of the 9th of August. If that resistance fails to hold the price down, a further rise may take the stock towards a test of the 51.85 hurdle, which was the low of the 26th of July.
On the downside, a drop below the lower bound of the aforementioned range, at 46.45, followed by a dip below the previously-mentioned downside line, would place the stock again in the negative zone for the year. A further slide to the 44.45 obstacle could be possible. If that obstacle is not able to withstand the bear-pressure, a move towards the 42.35 level might be the next potential area of support. This has been the lowest point of this year.
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