Intel (INTC) Crushed After Earnings, Here’s The Trade

Intel Corp (INTC) stock was hammered lower last week after the company reported earnings. The stock dropped to its lowest level of the year after missing Q3 revenue estimates. Traders should note that Intel Corp (INTC) stock is now trading below its 200-week moving average. This puts the stock in a very poor technical position on the charts and often indicates lower share prices ahead. 

The next major support level for Intel Corp (INTC) will be around the $46.50 area. This key support area is where the stock was defended back in late December 2020. This important pivot was where the stock reversed a severe down-trend and proceeded to make a new 52-week high. Often stocks will experience solid institutional sponsorship at prior reversal points. This makes Intel Corp (INTC) stock very attractive at this major support level.   

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