Intel Corporation (NASDAQ:INTC) turned bullish this week. The stock opened at $47.46 and closed at $51.83. This is a return of 9.23%. The gains come as the stock markets move to recover from downward pressure that began as the year started and intensified as the war raged in Ukraine.
Intel maintains historical support at $45 and resistance at $64
A study of Intel Corporation’s price chart reveals that it has been oscillating between support of $45 and $64. Traders have been capitalizing on this cycle since 2020 with great success. As the stock hit $45 over the last few weeks, demand volumes increased, reaffirming the support.
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This pushed the price level to $51.83 at this week’s close. The next significant level is $56.20. The stock is likely to cross the level within the coming week before moving to find the resistance level of $64.
We think that Intel is a buy because historical patterns confirm the support and resistance levels while demonstrating their importance. The stock is also a buy because it is expected to gain as the market recovers.
Additionally, the momentum indicator, MACD, just turned bullish, signaling that the stock is a buy. The indicator is presented by both the divergence-convergence histogram and the MACD line crossing above the signal. Momentum above the oscillator can be expected once the stock touches $56.
Summary
Intel Corporation reaffirmed the $45 and $64 support and resistance levels. At a price of $51.83, the stock is a buy. INTC will move to find the resistance level of $64 sooner as the stock market recovers.
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