Stock of the day: Intel
23 March 2023
In today’s analysis, we have a short update about the situation on Intel. Previously, we examined this instrument at the beginning of May 2021. Back then, the price was hovering above the key support and we highlighted a possibility of a breakout and strong sell signal:
“On the other hand, the price breaking that support and closing a weekly chart below the orange line would be an amazing sell signal. The forthcoming week should be crucial and can show us the direction for the next few months or maybe even years.”
That was around 44 USD. We did get a breakout and the price dropped, reaching 24 USD last October. Spot on analysis! Since then, Intel has been inside of a sideways trend which can be described as a rectangle. The horizontal support is around 25 USD and the resistance around 31 USD. The way to trade it is pretty simple. The price breaking the upper resistance will give a signal to buy, while the price breaking the lower support will give a signal to sell. Let’s see which direction the market chooses.