Intel Breaking Out?

Published on Thursday, 11 March 2010 08:29 Written by Danny Miller

New York, March 11th (TradersHuddle.com) - Shares of Intel Corporation (NASDAQ:INTC) closed the trading session at $21.19 just above calculated resistance at $20.97 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

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 stock was trading in a well defined range with support at $18.95 and resistance at $20.97, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Intel's stock is still near the broken resistance level, traders will be focusing on $20.97 to see if the stock holds the breakout without rolling over.