Intel Stock price (INTL) noted a retracement move and faced resistance from the top at the $38 mark, where a gap also remained to be tested. Bulls were unable to break out of this range and the price returned back towards the 20-day EMA, where it took a pause and awaited a further pullback.
Furthermore, the stock has once again entered into the congestion range where it is forming a morning star pattern. The current price action indicates active seller involvement as short positions were initiated during the previous trading session, leading to profit booking in the stock price.
Intel Corporation is engaged in designing and manufacturing computer products and technologies. The company’s sectors are Data Center Group (DCG), Internet of Things Group (IOTG), Mobileye, Non-Volatile Memory Solutions Group (NSG) and Programmable Solutions Group (PSG).
At press time, Intel Corporation traded at $32.71 with a drop of 0.58%, indicating a neutral trend. Furthermore, the trading volume shown in the last session was at 45.72 million. INTL stock has a market cap of $136.42 billion.
The price action shows that if there is a further drop in the price, then the stock will head toward retesting the 200-day EMA mark. Due to the ongoing retracement phase of the stock, it is hovering near the support region.
Daily Charts Shows Start of a Corrective Move
On the daily charts, INTL stock displayed the beginning of a corrective phase and returned towards the primary support mark of $32. In the recent sessions, INTL stock broke free from its consolidation range and began trading above the congestion zone. However, the upward movement was not sustained for long, as sellers quickly pushed back against the buyers, leading the stock to retest the 20-day EMA mark.
As per the Fib levels, INTL stock is at 61.8%, where a doji candle was formed which indicates the intent of buyers to hold their positions for a while and shows that they are potentially interested in further upward movement. Furthermore, the stock was in a bullish trend and ready for a move, but sellers maintained their grip and prevented a further rise in the price.
What Traditional Indicators Reflect on the 4-hour Charts?
On the 4-hour charts, INTL stock was displaying a breakdown of its immediate higher low candle below $34 and showed bearish action in the last trading session.
The Relative strength index (RSI) curve dropped below neutrality and headed towards the oversold region, indicating negative divergence.
The MACD indicator shows a bearish crossover with floating red bars on the histogram, indicating a volatile move of the stock.
Conclusion:
Intel Corporation’s stock (INTC) is currently experiencing a decline in momentum and displaying significant volatility, causing it to approach a robust support level of $30.
Technical Levels-
Resistance level- $35 and $38
Support level- $30 and $28
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/23/can-intel-stock-nasdaq-intc-rebound-from-the-20-day-ema/