Is Intel Expecting Resistance Soon?
Published on Wednesday, 03 July 2013 06:28 Written by TradersHuddle Wire
New York, July 3rd (TradersHuddle.com) - Intel Corporation (NASDAQ:INTC) ended the trading session at $23.72, near its 50 day moving average set at $24.24. Intel's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving average.
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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $23.41 and resistance at $25.68. These levels will be closely monitored, as they provide great insight into the latest price dynamics.
If traders want to establish a position in Intel, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.
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