Leading semiconductor, Intel Corp (INTC), remains very weak and continues to decline. The stock recently surged to $55.00 a share on December 7th, 2021 after announcing plans for a spin-off of its Mobileye unit. Unfortunately, the stock has faded back down to the $50.00 area and looks to trade lower according to the charts. The stock is now trading below its 50-day moving average and that also puts the stock in a poor technical condition.
The next major support level for Intel Corp (INTC) will be around the $46.00 level. This is where the stock was defended back in late December 2020. This level should be defended again by the institutional crowd when it retests the support area. Traders can take a long side position at that time with a stop loss below $43.50 area. Often, stocks will find major sponsorship when they retest prior key reversal areas.
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