INTC is in a bearish trend as price is making lower lows and lower highs. However the price formation is signalling that a bottom and reversal could be near. Price is inside a downward sloping wedge pattern and the RSI is providing bullish divergence warning signals.
Green lines - Fibonacci retracements
Red line - bullish divergence
Blue lines -wedge pattern
INTC stock price is in a bearish trend. Price is expected to continue its move lower towards the lower wedge boundary around $51-$51.40. Resistance by the upper wedge boundary is at $53.95-$54. Breaking above this level and staying above it will be a bullish signal and price could move next towards $58-$58.50. Price is now around the major Fibonacci retracement level of 61.8%. It is very common to see trend reversals around this Fibonacci retracement level. Keeping all this in mind, a trend reversal towards $58 and higher is justified. A move lower towards $51 would be a good buying opportunity.
