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- Intel Stock Price (NASDAQ: INTC) fell 6% in a single day and down by 9% in the current week.
- INTC Stock Price sustains above both EMA and prepares for golden crossover.
- Intel Stock Price breakout of $34.00 hurdle but confirmation is still awaited.
Intel Stock Price (NASDAQ: INTC) fell 9% approx in the past two trading sessions. It faced sharp rejection from $37.00 and bears drag the prices below the breakdown level.
Recently, INTC Stock Price broke out of a $34.00 swing high hurdle with a strong volume. It created a positive hope for continuing the upward momentum and displayed the signs of golden crossover.
However, the sudden downfall is surprising which indicates that the previous breakout might be trap buildup for the bulls. Intel Stock price sustains above the 50 and 200 day EMA showcase positional is up and still favors the bulls. So, minor retracement toward the EMAs will be easily absorbed.
At the end of May, INTC Stock Price took support near $27.00 and formed a bullish engulfing candle. Later, Prices rallied 36% in the short span of time and hit a swing high of $37.11.
Buyers failing to hold the prices on a higher level which shows sellers are active and $37.00 is now turned out as an immediate hurdle for bulls.
Intel Stock Price closed the previous session at $32.90 with an intraday decline of -6.00%. The market cap stands at $137.23 Billion.
Will Intel Stock Price bounce back again?
Intel Stock Price performed well in the past few months and up by 23% on a YTD basis. After a long struggle, INTC stock price is trading above both the EMA. However, the prices have gone far away from EMA, so minor retracement is possible.
Till the Intel Stock holds $30.00 support the prices are expected to remain in bulls grip and probability of bounce remains high. However, if the price tests $30.00 then it might spend some time in narrow range consolidation before deciding the direction.
On the other hand, If the sell off continues and price drops below $30.00 then bearish trend reversal will get confirmed. The technical analysis suggests the breakout in the Intel Stock has failed and prices are retracing downward.
What if INTC Stock dropped below previous week low?
INTC Stock Price forming a strong bearish candle on the weekly time frame. Sellers are trying to drag the price below previous week low at $31.36. Well, it is important to see the closing price of the current week which will decide. Is it a retracement or a bearish trend reversal?
The MACD curve is reversing downward and might generate a negative crossover. It shows that bulls have lost the momentum and more downfall is possible.
The RSI at 53 reversed down and cooling off from the overbought territory.
Conclusion
Intel Stock Price (NASDAQ: INTC) fell 9% in the current week and showed signs of breakout failure. The INTC Stock price is retracing downward but the downfall seems to be limited to $30.00. Till, Intel stock holds $30.00 the trend is expected to remain in bulls grip.
Technical levels
Resistance levels: $34.00 and $37.00
Support levels: $30.00 and $27.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
