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- 1 Intel stock price (NASDAQ: INTC) was up by 10.59% in September 2023.
- 2 INTC stock price is in a strong uptrend.
- 3 Intel Corporation stock breakout of $37 hurdle with a high volume.
Intel stock price (NASDAQ: INTC) is up by 10.59% in the current month and forms a bullish continuation pattern. It broke out of the $37.00 hurdle level with a strong buying volume which boosted the further momentum.
INTC stock price took support near $32 and succeeded in holding the price above 50 days and 200 EMA. It shows that the stock is in an uptrend and more upward momentum is possible.
For the past few months, Intel Corporation stock price has consolidated in a wide range between $32.00 to $37.00. Recently, it broke the higher range and expanded upward.
The breakout looks reliable and if any profit booking triggers it, then it will be easily absorbed near the support.
The 50-day and 200-day EMA positively intersected and displayed a golden crossover. It grabbed the attention of long-term investors and even new investors participated in the rally.
On the higher side, $40.00 is going to act as an immediate hurdle for the bulls. Presently, the prices are near the supply zone so it will be interesting to see how they react in the coming weeks.
Intel stock price closed the previous sessions at $38.86 with an intraday rise of 0.70%. The market capitalization stands at $162.75 Billion.
Intel Stock Price Analysis: Short-Term Correction Possible?
Intel stock price (NASDAQ: INTC) is in a bulls’ grip and it seems that big investors have invested in it.
Meanwhile, the Nasdaq Composite index is also recovering and climbing above the 50-day EMA. It improves the market sentiment and tech stocks regain the positive momentum.
INTC stock price rallied a lot in a short span of time. So, a narrow-range consolidation or a minor retracement is expected. However, till Intel share price sustains above the 50-day EMA, any short-term downfall will be bought up.
INTC Stock Price Rises Upward for Three Consecutive Weeks
INTC stock price rose upward for three consecutive weeks. It formed a bullish pattern on multiple time frames which further boosted the confidence of investors.
The price analysis shows bullish momentum is likely to continue and the possibility of a $40 breakout is high.
The MACD curve slopes upward and generates a positive crossover indicating the strength of bulls. The histogram bar is also on the rise which confirms the bullishness. The RSI at 71 denotes overbought territory so a short-term profit booking is also possible.
Conclusion
Intel stock price (NASDAQ: INTC) rallied 10.59% in September 2023. It formed a bullish pattern and positive momentum is still intact. In the technical analysis, the INTC stock price is in the bulls’ grip and the probability of a $40.00 breakout is high.
Technical Levels
- Resistance levels: $40.78 and $44.97
- Support levels: $32.00 and $29.71
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
