Intel’s shares surged 8% on Tuesday, outpacing gains in the S&P 500, amid hopes that export curbs to China could be eased. The stock has risen 10% so far this year, driven by chip stocks’ rally.
The U.S.-China trade talks in London are reportedly discussing restrictions on exports of rare earth minerals and chips. Investors are watching three crucial overhead areas: $23, $26, and $33. A major support level near $19 is also being monitored.
Intel’s shares have remained rangebound since August but found buying interest at lower levels, closing above both 50- and 200-day moving averages on Tuesday. The move higher occurred on the highest daily volume since April, indicating larger market participants’ buying conviction.
If Intel continues to trend higher, investors should watch $23 for selling interest and potential exit points near $26. A convincing breakout could trigger a rapid move to $33, nearly 50% above Tuesday’s closing price.
During pullbacks, the $19 level is worth monitoring as significant support in this location near the trading range’s lower trendline.
Source: https://www.investopedia.com/watch-these-intel-price-levels-after-stock-surged-tuesday-to-lead-s-and-p-500-gainers-11752228