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- 1 Intel stock price closed at $36.61 with a gain of 4.18% during the last intraday trading session.
- 2 INTC stock has crossed above all the major exponential moving averages.
- 3 The year-to-date return of Intel Corporation is 35.37%.
Intel (INTC) stock has been printing bullish candles for the last six days, rising from the support level of $32.50. The share gained bullish momentum during early July but the move was halted as the price touched $37.
INTC stock price retraced and corrected the bullish move. Recently, the stock formed support at $32.20 and reinitiated its bullish journey. The previous candle was successful in breaking and closing above the resistance level of $35.70.
If the bulls can break the major resistance level of $37, Intel stock price might rise toward the next resistance level of $40.40. While, on the other hand, if the price rejects $37, it might retrace back toward the $32 level.
What Led To A Rise In Intel Corporation Stock Price ?
The stock price has been surging since last couple of days as the Chief Executive Officer of Intel corporation, Pat Gelsinger, noted that the chip maker has already crossed the mid point of the revenue guidance for third quarter.
During second quarter financial report release, the company provided the third quarter revenue guidance which was $12.9 Billion and $13.9 Billion. The increase in demand of personal computer processors is helping in boosting its revenue.
The company expects to earn 20 cent per share in the third quarter. Intel corporation’s client business, which houses its PC sales, is healthy and the inventory levels have dropped to normal levels.
Intel is improving market share in the segment, stated by CEO, Pat Gelsinger. The chip maker also received “a large customer prepay” for 18A manufacturing capacity, a reference to company’s development of 1.8 nanometer production lines, which will be used to produce cutting edge chips.
The prepayment has helped the company to accelerate the construction of the new chip fabrication facility in Arizona.
Will INTC Stock Price Continue Rising Higher ?
The stock price has surged above 20, 50, 100, and 200-day exponential moving averages, suggesting strong bullish momentum. The relative strength index (RSI) has also jumped above the 60 mark and currently trades at 63.51, nearing the overbought zone, indicating a strong confluence of bulls over the price.
Chaikin money flow score has reached 0.18, implying strength and capital inflow in the market. INTC stock price has crossed above the upper band of Bollinger which indicates the possibility of a short-term pullback toward the 20-day SMA of Bollinger.
Conclusion
The third quarter earnings result is to be announced on 26 October and Intel corporation has crossed the midpoint of the revenue guidance, which is good news for the investors. The market structure and price action are highly bullish.
Technical levels
Major support: $32.20 and $29.80
Major resistance: $37 and $40.40
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
