Watch These Intel Stock Price Levels as Chipmaker Continues to Rally | Global News Avenue

Intel(international trade center) shares rose again on Tuesday as investors bid up the stock after surging more than 12% last week Following strategy update and ongoing deal rumors.

Last Tuesday, the troubled chip maker Express plans spin off Its venture fund operates as an independent entity while remaining an investor in an effort to improve efficiencies across the business. Later this week, reports emerged that the company may be a acquisition target.

Intel shares were up 2.5% early Tuesday afternoon at around $22. Despite its recent gains, the stock has lost more than half its value in the past 12 months as investors remain skeptical of the company’s ability to capture a larger share of the booming market. Artificial Intelligence (AI) chip market.

Next, let’s break it down technical at Intel Weekly chart and pinpoints key price levels worth watching.

Bullish Engulfing Pattern Points to Possible Double Bottom

Intel shares staged an impressive reversal last week, forming a bullish engulfing patternTwo strokes candlestick The formation signals a positive shift in investor sentiment. Importantly, the pattern formed at the same location on the chart as the early September lows, setting the stage for a potential move higher. double bottom.

Additionally, last week’s rally occurred at the weekly high volume Since early December, this suggests buying confidence among larger market players, e.g. institutional investors and hedge funds.

If the chipmaker’s share price rises, let’s identify three areas of overhead expenses that investors might be concerned about, and point to one key factor support level Track whether the stock gives back last week’s gains.

Key overhead areas to follow

Follow-on buying could initially see the stock climb to around $25. This area on the chart may provide resist Close to the October 2022 and February 2023 troughs, which are also closely related to the November 2024 trough peak.

A decisive close above this area could see shares climb towards the $30 mark. Investors can seek exit point This is near a trendline connecting a series of comparable highs and lows on the chart from September 2022 to last June. This area is also roughly 50% Fibonacci retracement level When stretching the grid from the December 2023 high to the September 2024 low.

more bullish price action That could push shares to around $37, where the stock could see selling pressure near closely watched stocks. 200-day moving average and a horizontal line The chart links a series of comparable trading levels between June 2022 and July last year.

Key support levels to track

at last, bullFailure to hold recent gains could see the stock fall back to lows around $19. Bottom-hunting investors can look for buying opportunities around the notable troughs in September and January.

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As of the date of this writing, the author did not own any of the securities mentioned.