EarningsBeats Digest

Published: Mon, 05/02/22

EarningsBeats.com Digest for May 2, 2022

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Long-Term Support Rapidly Approaching for Intel (INTC)

Intel has had a rough year, as have most semiconductor companies ($DJUSSC). The last 5 weeks have been particularly brutal. INTC traded as high as 52.51 on March 30th. Since then, INTC has dropped to Friday's close of 43.59. That's approximately an 18% haircut in a month. If you're a big fan of price support, then you should know that INTC has hit lows from 38-42 on 10 prior occasions over the past 5 years:

During the 2018-2020 three-year period, the green arrows mark those 10 prior price support lows. It appears that given the current down channel, INTC is likely to test this price support zone over the summer months, if not sooner. INTC has been underperforming Advanced Micro Devices (AMD) since 2015. If they have any hope of reversing this relative downtrend, then price support in that 38-42 zone needs to hold.

Happy Trading!

Tom Bowley
Chief Market Strategist

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