Intel Broke Resistance

Published on Friday, 23 July 2010 04:32 Written by Christian Paolinetti

New York, July 23rd (TradersHuddle.com) - Shares of Intel Corporation (NASDAQ:INTC) closed the trading session at $21.78 just above calculated resistance at $21.73 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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 $18.96 and resistance at $21.73, 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 $21.73 to see if the stock holds the breakout without rolling over.