Intel Stock Prepares to React in Earnings

Intel Corporation, INTC stock price reversed and corrected 10% from the recent swing high. It seems to be in the initial phase of bearish trend reversal and declined by forming lower lows.

Intel stock price slipped below the 50-day EMA showing the sellers’ dominance on the higher levels. The 200-day EMA support is also broken but the confirmation of the bearish trend level is awaited.

Previously, INTC stock price tried multiple times to break the $38.00 hurdle. But the attempt failed and prices were thrown back to the support zones. It shows that sellers are still active in the supply zone.

Intel Corporation is expected to release quarterly earnings on October 26, 2023. Market analysts estimated an EPS of 0.22 and revenue of $13.565 Billion. By analyzing the records of past earnings. It is expected that the company will beat the estimates.

However, it’s difficult to say how INTC stock will behave. Intel stock price closed the previous session at $32.83 with one-day decline of -5.09%. So, the possibility of continuing the downfall remains high.

Will INTC Stock Price Decline More?

INTC stock price is in a correction phase and no signs of recovery or upside reversal are visible. The short-term pullbacks are getting rejected indicating that sellers are building shorts on every rise.

Till the Intel stock price is trading below $37.00 the bears will remain active. However, if the overall market recovers and INTC share price succeeds in breaking the $37.00 hurdle. Then a sharp rise toward $40.00 may come.

On the other hand, if the stock price drops below $30.00 then another round of sell-off will trigger.

Intel Stock Price Might Show Relief Rally; Know Why?

Intel’s stock price fell 6% in the current week and formed a giant bearish candle. Moreover, the broader market indices are bearish and technology sector stocks are also inside the bear’s grip. So, it might invite further declines in the INTC stock.

The RSI curve is at 33 near the oversold territory indicating a short-term relief rally may trigger anytime. The MACD curve slopes down and displays a negative crossover showing that bearish momentum might continue for some more time.

Conclusion

Intel Corporation, INTC stock price reversed down and fell 5.09% in the previous session before earnings. The price chart of the Intel stock looks bearish and no signs of recovery are visible.

The technical analysis suggests that INTC share price is in a downtrend and a 5% to 7% more downfall is possible.

Technical levels

Resistance levels: $37.22 and $40.05
Support levels: $30.00 and $26.97

Disclaimer

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