Shares of Intel (NASDAQ:INTC) have bullishly opened above the pivot of $22.09 today and have reached the first resistance level of $22.22. Should the shares continue to rise, the resistance pivots of $22.36 and $22.63 will be of interest.
Potential upside of 8.0% exists for Intel, based on a current level of $22.36 and analysts' average consensus price target of $24.15. The stock should hit resistance at its 50-day moving average (MA) of $23.04, as well as support at its 200-day MA of $22.24.
In the past 52 weeks, Intel share prices have been bracketed by a low of $19.16 and a high of $29.27 and are now at $22.36, 17% above that low price. The 200-day and 50-day moving averages have moved 0.09% higher and 0.37% lower over the past week, respectively.
SmarTrend recommended that its subscribers protect gains by selling shares of Intel on June 25th, 2013 by issuing a Downtrend alert when the shares were trading at $23.76. Since that call, shares of Intel have fallen 7.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
The volume seems to be high too.
I really like it when the shares trade above the option strikes rather than below. $22.53 rather than $22.49.
Stacy Smith this morning said that Intel did not need foundry customers to fill the fabs. He also said that the market for "computing" has stayed on its historical growth curves. The total of phones, tablets, PC, servers, ... has continued to grow.
For the first time in two years, Intel has products to offer across the spectrum and it becomes an issue of product mix that they sell rather than having NO product.
Of course, the negative reiteration from GS, Nomura, JPM, ... are yet to strike back.