Trading Idea - Is Intel close to Support?

Published on Tuesday, 09 February 2010 09:20 Written by Danny Miller

New York, Feb 9^th (TradersHuddle.com) - Shares of Intel Corporation (NASDAQ:INTC) are trading very close to calculated support at $18.95 with current price action closing at just $19.35 places the stock price near levels where traders will start paying attention.

Intel Corporation (NASDAQ:INTC) designs, manufactures, and sells microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, and other computer related components. The largest chipmaker in the world was founded in 1968 and is based in Santa Clara, CA.

Intel's current stock range is defined by current calculated support defined at $18.95 and by the resistance level at $21.55, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Intel's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $21.55 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.