Stock of the day: Intel
22 December 2023
Traders, let's revisit Intel Corp. from our December 7th analysis. At that time, Intel faced a pivotal moment at a key horizontal resistance, where it had formed two shooting stars. Contrary to expectations of a decline, the stock didn't drop significantly but instead reversed direction. This shouldn't be surprising, given the overarching bullish sentiment that enveloped the indices throughout December.
Intel's trajectory followed the broader market's optimistic trend. Rather than retreating from the resistance, marked with an orange line in our charts, Intel broke through it and rallied upwards. It is now hovering around the 50% Fibonacci retracement level.
Given this break from the rising flag pattern and the successful breach of the resistance, the current outlook for Intel is decidedly positive. This aligns with the market's overall upward trend, indicating a potentially sustained period of growth for Intel's stock.