Intel Has Fallen. Can it Get Up?Intel has fallen, and some traders may think it can’t get up.
The first pattern on today’s chart is the bearish gap on January 26, triggered by weak guidance. The chipmaker has failed to recover since, even as the broader semiconductor index surged to new record highs. That may suggest it’s less favored than peers.
Second is the January 17 close of $46.06. INTC tried to move above that level a few times in early March but couldn’t hold. Has old support become new resistance?
The 50-day simple moving average has also turned lower since mid-February and prices seem to be stalling at it. That may reflect a weakening of the intermediate-term trend.
Finally, yesterday's close below the 21-day exponential moving average may signal bearishness in the shorter term.
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