Intel is the world’s largest and highest valued semiconductor chip maker. The company located in Silicon Valley is a pioneer in making processors used in personal computers. Intel supplies components to well-known computer brands like HP, Apple, and Dell among many others. The company has multiple hardware and software product offerings under its portfolio and is well placed to take advantage of an increasingly digital world.
A snapshot of the 20-year monthly chart of Intel’s stock (INTC) shows the company has been in a long-term up-trend. More recently, the stock had fallen more than 15%. In April, however, the stock has pulled back about 7.5%. The stock price is currently within the long-term trend channel, as shown by the Yellow trend lines.
Also, the stock has crossed an important level. The dotted red line at 53 shows a level which acted as resistance in 2019 and now looks like support. INTC has bounced up from this support and looks poised to move back up to 70 which is the upper end of the long-term trend. A weak bullish pattern is also visible with the body of the April candle engulfing the body of the March candle.
Positions have been taken at $57.14 with Stop Loss at 15.33% below at $48.35. Short to medium term traders take profit target of 22% at $70.