DAILY STOCK REPORT: INTEL CORP (INTC)
Intel Corporation (INTC) had quite an amazing year in 2023 on a relative strength basis climbing from the bottom of the red zone to the top of the green zone in the SIA S&P 100 Index Report. For 2023, Intel finished with a gain of 94.56% compared with a 2023 gain of 30.83% for the S&P 100 Index. 2024, however, has been a different story. Since the start of this year, Intel has been tumbling back down the rankings, falling 30 spots over the past month to 36th place and falling out of the green zone back into the Yellow Neutral Zone. Year to date, INTC is down 14.2%, while the S&P 100 Index is up 2.3%. Candlestick Chart Breaks Down:
A recovery trend in Intel (INTC) shares accelerated late last year but that now appears to have been too much too soon, and the shares have gone into a correction. Last month, the shares took a run at $50.00 in what appears to have been a short-term buying climax. Not only did the shares fail at a big round number level – right in the middle of a bearish Evening Star candlestick pattern, but last week, a breakdown in the shares became clearer when they took out their 10-week moving average on a spike in volume (circled).
Downside support for INTC may appear at uptrend support lines near $37.50 or $35.00. Initial resistance appears at the 10-week moving average near $46.00.
Point and Figure Chart Starts a Downswing:
Intel (INTC) has been under accumulation since late 2022, steadily recovering in a Rising Channel of higher highs and higher lows. At the start of this year, the shares broke out by one row and peeked above $50.00 briefly, but failed to hold on to it and completed a bearish Bull Trap peak.
Since then, the shares have rolled back downward, completing a bearish Double Bottom pattern which signaled the start of a downturn, and so far, appears to be a correction within an ongoing uptrend. Potential downside support tests appear near $41.25 based on a horizontal count and prior support, then a previous breakout point near $38.10, and then the $34.50 to $35.90 zone where a horizontal count, an uptrend line, and previous highs/lows cluster. Initial resistance on a bounce appears near $47.35 based on a 3-box reversal.
With a bearish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 5 out of 10, INTC is exhibiting short-term weakness against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
