Intel (INTC) [2] - How It's Going.

Stance: BUY, Price Target: 70 (TA as of 2/7/2023)

Fundamentally, there is no change to my stance on INTC. The charts look primed for further upside, and anyone not buying at these levels will chase much higher up.

Refer to my initial coverage here: https://ttm.financial/post/184635010363424

Let’s look at the monthly chart:

There are some key things worth noting about the monthly chart, namely:

• We continue to hold the 29.30 yearly Fibonacci extension as support for the third month in a row, which should turn it into a much stronger support for a push higher

• We closed over both the 200 (33.17) and 225 MAs (31.99) for the first time in 10 months - many a times these longer-term MAs act as very strong supports in stable trends

• We closed the month with a MACD bullish crossover for the first time since March 2021

Based on the monthly chart, it’s possible that we might break out in July, which is seasonally a very bullish month for equities. I anticipate a retest of the monthly 20ma (currently 36.65), and a possible test of the 100ma at 43.38 before a strong pullback to the 20ma to turn it into support. For this uptrend to have legs, we also need to flip the monthly 20ma into support rather than an overhead resistance - I’ll be watching for that over the next few months.

Let’s look at the weekly chart:

The weekly candle appears to be an inside candle (closed entirely within last week’s candle) that could signal a potential reversal to the upside. INTC is still basing above the 9EMA as well, having turned it into support a few weeks prior. Moreover, the stock is still making higher lows and higher highs, which is a sign of a healthy uptrend (mirrored by the RSI making higher lows and higher highs as well).

Let’s take a look at the daily chart:

The stock is basing over the daily 20MA and turning it into support. Moreover, some bullish divergence popped up on the RSI 2 days ago. We saw a move to the upside yesterday, but I am expecting further continuation to the upper BB at 36-37 in the coming days.

What is interesting to note from INTC’s price action for the past few months is that the stock has had difficulty capturing the 20MA, which could explain its choppy price action - stocks like AAPL and META have long turned the 20MA into support, such that any mean reversion move from the upper BB to the 20MA forms a bullish divergence and is bought up. However, recent price action suggests that this could change - we could now see a push to the upside here.

Nearer-term, I am expecting us to continue to hold 33 as support and push towards the 34.22 Fibonacci retracement from the 2021 crash. Taking out this resistance level and flipping it into support will be key for any move towards the 37-38 zone, which should prove sticky for a while. That being said, it is likely that late bulls will chase the stock all the way up to 39.04 to fill the gap before a pullback.

If any major development comes up, I’ll post another update. In the meantime, stay long and stay invested in INTC. This is one to watch for the coming years, having hit a generational dip-buy level.

No additional levels were charted since my initial post, but I’ll leave them here for reference:

@TigerWire @MillionaireTiger @CaptainTiger @TigerStars @TigerEvents

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