Is INTEL CORP exhibiting signs of a major bottom?INTEL stock has been decimated the last few months, due to growing competition, decelerating revenue and decrease of dividend.
Is it dead though?
Here is what the chart is saying:
Big downtrend since April 2021. On October 2022, the stock has started a consolidation/base in form of a range between 24.90 and 30.85.
This range could be a bottom formation . See also the double bottom on the chart.
Note that bottoming pattern takes time and this one could continue for a few more weeks/months. However a break out of the range (31) could confirm a change of trend and a long trade/investment.
Keep monitoring this stock in the next few days/weeks, set an alert at the top of the range. If it breaks out of the range, it will be time to initiate a long position.
Note that there was a lot of institutional buying in February 2023.
On watch.
