Stock of the day: Intel

Hello, traders! Today’s stock of the day is Intel, a tech giant that’s now pushing its limits on the yearly highs, suggesting even loftier possibilities on the horizon. Diving deep into the long-term situation via a weekly chart, the performance of this behemoth offers intriguing cues for the discerning investor.

You might have noted that Intel has breached the key horizontal resistance at $37, which is depicted in a distinct green hue on the chart. This significant move came on the heels of the price shattering a long-standing downtrend line, adorned in purple, somewhere around the year’s midpoint. With this momentum, Intel’s ambitions now seem set on a more daunting barrier: the orange-hued zone pegged at $38.2 Fibonacci.

What’s crucial to understand is the gravity this resistance holds in the broader timeline. Serving as a robust support during 2018, 2019, and 2020, the resilience of this threshold is palpable. Given the current trajectory, there’s a high probability of Intel reaching this pivotal mark.

Yet, what happens once it gets there? Will it breach or buckle? The inherent power of this resistance signifies that if the price concludes the day soaring above the orange zone, it will cement an overwhelmingly potent long-term buy signal. Alternatively, this might be the opportune moment for some traders to secure short-term gains. A subsequent bearish candlestick formation hovering around this juncture could then lure those with a bearish inclination, potentially presenting a compelling case to go short.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-intel-2