- Intel Corporation. (NASDAQ: INTC) stock price consolidates following a correction of 14.5%
- INTC stock price reported a year-to-date profit of 27.75%
- INTC stock price recorded a new 52-week high at 37.69
Intel Corporation (NASDAQ: INTC) price prediction implies that the INTC stock price was soaring since February 2023. The market has been trapped in a range prior to this, where it made a swing low at $24.80. The buyers began a recovery which led to an escalation of almost 50%, reaching the resistance level of 37.69, creating a new 52-week high. The INTC stock price has transitioned into a recovery phase after a previous swing high.
At the time of writing, Intel Corporation closed its trading session on Thursday 27th July 2023 at $34.55. This marked a jump of 0.55% over the prior day.
Can Intel Corporation Resume its Bullish Trend?
Intel Corporation stock broke the range and began ascending to upper levels after making a pullback in May 2023. The INTC stock price bottomed at $27 and made a v-shaped recovery, propelling the price to a record high since August 2022. The market maintains a bullish outlook as it floats above the 200 EMA.
However, the INTC stock price corrected 14.50%, reaching the support price of $31.00. This has shaken the bulls as the price loses momentum. This caused the price to move in sideways price action as it traded along the support level of $33.85.
Will INTC Stock Price Create a Higher High?
On the 4-hour, the market displays a strong uptrend, defined by the bullish market structure. The INTC stock price tries to sustain the support level of $33.85. Meanwhile, the volume diminishes along with the soaring price, which is a hint of a possible reversal in the short term.
The INTC stock price moves up with the support of an ascending trendline. This is a key support in the short term. A breakdown of this trendline can cause panic and lead to further correction. Moreover, the investors can wait for a bullish pattern or the break of the local resistance to open new positions
RSI
The RSI indicator is currently at 58.84 It represents mild bullish conditions where the price may surge moderately. The market may move aggressively if the price goes above 70.
MACD
MACD has made a bullish crossover above the 0 line. However, the MACD is running flat along with the 0 line. It represents sideways market conditions
On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it subsides the 200 EMA
Conclusion
Intel Corporation’s (NASDAQ: INTC) price prediction indicates that the INTC stock price has been soaring since February 2023. The overall sentiment for the market is bullish. This means there is a higher chance that the price will go up in the short term. Currently, the market is in a consolidation phase. It would be best to wait for the price to break the resistance for confirmation of the uptrend. Meanwhile, investors must follow proper risk management to secure capital.
Technical Levels
- Support level: $33.85
- Resistance level: $37.69
Disclaimer- The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
