Intel Corp (INTC) Is Weak, Tests The 200-Day Moving Average
Leading semiconductor stock, Intel Corp (INTC) is weak again today. The popular semiconductor stock is trading lower by 2.08% to 55.57 a share. Intel Corp (INTC) stock topped out on April 12th, 2021 at $68.49 a share. Since that pivot high, the shares have steadily declined and are now flirting with the 200-day moving average. This daily chart pattern indicates weakness and possible lower prices ahead.
Intel Corp (INTC will have several minor support levels coming up, but the next major level is still much lower. Traders should watch for major chart support around the $48.00 area. This is where the stock was defended in late December 2020. Often, when major reversal levels are retested they will be defended again by the institutional crowd. This would be the only level where I would get interested in a long trade in this popular semiconductor stock.
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