Watch These Intel Stock Price Levels After Chipmaker Climbs to Two-Month High

Intel (INTC) shares jumped much than 6% to a two-month precocious connected Monday arsenic analysts astatine Melius Research said nan chipmaker stands to benefit from increasing liking successful artificial intelligence (AI) personal computers and different hardware trends related to nan technology. The banal was nan biggest gainer connected nan Nasdaq 100 and Dow Jones Industrial Average connected Monday.

Below, we return a person look astatine Intel’s floor plan and usage technical analysis to constituent retired cardinal levels to watch retired for successful upcoming trading sessions.

Breakout From Narrow Trading Range

Despite nan 50-day moving mean (MA) crossing beneath nan 200-day MA to shape an ominous death cross successful early May, Intel shares person traded wrong a constrictive range pinch respective volume spikes since that time.

On Monday, nan chipmaker’s banal gapped supra nan trading range’s apical trendline connected nan highest stock turnover since June 21, indicating bullish condemnation down nan breakout. Moreover, nan relative spot scale (RSI) has moved successful overbought territory supra nan 70 thresholds, confirming beardown value momentum.

Monitor These Chart Levels Amid Further Strength

Amid a continued move higher, investors should show these 4 cardinal levels wherever nan shares whitethorn brushwood overhead resistance.

The first area to watch sits astir $35.50, an area connected nan floor plan connecting prices adjacent a insignificant countertrend retracement during nan stock’s crisp downtrading move successful April.

If nan banal breaks done this level, it whitethorn move up to retest a cardinal horizontal line adjacent $39 that links nan salient September 2023 swing high pinch nan 200-day MA.

A adjacent supra this region could spot nan shares climb to astir $42, wherever they would apt look sellers adjacent a trendline connecting 4 value troughs betwixt December 2023 and March this year.

Finally, a longer-term rally whitethorn spot nan value revisit $45.50 adjacent a horizontal statement that connects respective value peaks complete a five-month play from November to April.

Short-Term Overbought Conditions

While nan RSI’s overbought reference confirms beardown value momentum, it besides increases nan chances of a short-term retracement aliases gap fill.

During impermanent pullbacks, investors should support an oculus connected nan anterior trading range’s apical trendline astir $32, which has now apt flipped from an area of guidance into support.

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As of nan day this article was written, nan writer does not ain immoderate of nan supra securities.