Intel Continues Steep Gains

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Intel Corporation (NASDAQ:INTC) has been in a very strong uptrend over the last months forming new highs and higher lows which is indicative of the presence of buying support every time the stock has witnessed any kind of price correction.

The company which continues to have a dominant position in the PC and chip manufacturing market has continued to impress the street with stable top line and bottom line growth and analysts believe investors with a long term outlook should continue accumulating the stock at lower levels. The recent acquisition of Avago networking chip acquisition is seen as huge positive and many believe it would allow the company to compete in a market-place which other till now had dominated.

On the daily charts for Intel Corporation (NASDAQ:INTC), we see the stock trading above both its important daily moving averages which is a bullish sign. The stock currently is showing first signs of a reversal as it has been unable to cross over the near term resistance at $35. The next level of support for Intel Corporation (NASDAQ:INTC) comes in around $32.89 which is also the 100 day moving average for the stock. The momentum indicators for Intel Corporation (NASDAQ:INTC) have given a fresh sell signal and have also formed a lower high which is also a negative divergence which is indicative of a reversal in the near term. The relative strength index continues to trend in the bullish territory which is a consolation for the bulls in the near term.

In a rather unusual step, the chip maker has hired Amir Faintuch, an ex-employee of QUALCOMM, Inc. to ramp up its efforts in mobile and Internet-connected gadgets. According to the company’s spokesman Chuck Mulloy, Faintuch will take-up the role of senior vice president and co-general manager of the Platform Engineering Group.

Actionable Insight:

Short Intel Corporation (NASDAQ:INTC) if it closes below $32.89 with a short term target at $29.80 with a strict stop loss at $35.

Long Intel Corporation (NASDAQ:INTC) if it closes above $35.50 with a short term target at $38 with a strict stop loss below $32.80.

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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers for readers, traders and brokers. His other specialties include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc.