Apple Inc.
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$175.49
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Intel Stock Surges on AI Optimism

Herausgegeben von MEXEM EUROPE

July 26, 2024
(GMT+2)

Intel {{ m-tag option="price" ticker="INTC" currency="USD" }} shares experienced a significant boost, climbing over 6% to reach a two-month high. The recent surge in Intel's stock, driven by positive sentiment around AI advancements, highlights a significant upward movement. This outlook propelled Intel to become the biggest gainer on the Nasdaq 100 and the Dow Jones Industrial Average on the surge day.

Technical Analysis

Intel's stock gapped above the top trendline of this narrow trading range with the highest share turnover since June 21. This breakout, accompanied by a relative strength index (RSI) moving into overbought territory above the 70 threshold, confirmed strong bullish conviction and price momentum.

Key levels for potential resistance:

  • $35.50: This level connects prices near a minor counter trend retracement during April's sharp downtrend.
  • $39: This horizontal line links the prominent September 2023 swing high with the 200-day moving average, representing a critical resistance level.
  • $42: A trendline connecting four price troughs between December 2023 and March 2024, indicating another potential resistance point.
  • $45.50: A longer-term resistance level connecting several price peaks over five months from November 2023 to April 2024.

Potential Retracement

While the RSI's overbought reading indicates strong price momentum, it also suggests a higher likelihood of a short-term retracement. During such pullbacks, attention should be given to the prior trading range's top trendline around $32. This level, which previously acted as resistance, has likely flipped into a support zone, providing a potential entry point for those monitoring the stock's direction.



The information on mexem.com is for general informational purposes only. It should not be regarded as investment advice. Investing in stocks involves risk. A stock's past performance is not a reliable indicator of its future performance. Always consult a financial advisor or trusted sources before making any investment decisions.


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