Approaching Resistance: Intel
Published on Tuesday, 08 January 2013 05:24 Written by TradersHuddle Wire
New York, January 8th (TradersHuddle.com) - Shares of Intel Corporation (NASDAQ:INTC) are trading very close to calculated resistance at $21.48. The stock ended the trading session at just $21.25, which is near levels that make it difficult to buy or start a position.
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 range is defined by its calculated support defined at $20.16 and by the resistance level at $21.48; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Intel. However, as the stock pulls back towards $20.16 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $21.48 then traders will get an opportunity to enter the stock as it moves to a higher range.