Intel Is Approaching Support And Needs To See A Bounce: What's Next?

Intel Corporation INTC shares are trading lower Friday and are now nearing a support level that has been able to hold in the past. The company recently highlighted its 2022 and long-term growth strategy at its investor meet.

Intel was down 5.32% at $45.04 Friday afternoon at market close.

See Related: Why Intel Shares Are Trading Lower Today

Intel Daily Chart Analysis

• The stock has been falling the past few months and now sits just above the $44 support level. This level has held as support about five separate times in the past and may hold again in the future. If the level can hold, the stock may start pushing higher toward the $68 resistance level.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment and each of these moving averages may hold as an area of resistance in the future.
• The Relative Strength Index (RSI) has been falling for the past few days and now sits at 31 on the indicator. This is just above the border of the oversold region. If the RSI falls into the oversold region for an extended period of time the price may continue to fall and possibly break below the support level.

What’s Next For Intel?

Intel has been trading in a period of bearish sentiment and is heading lower toward support. Whether or not this support is able to hold will be key for the stock’s future. Bullish traders want the stock to bounce off the support level and start building higher lows up to the moving averages and the $68 level. Bearish traders want the stock break below the $44 support level and begin to hold it as an area of resistance.

Photo: Weldon Kircsch courtesy Intel