Intel Stock Nears Breakdown From Key Support Levels

Intel Corporation shares have been trending lower since making 52-weeks highs of $47.30 in early November. Despite the recent weakness, the company has outperformed many other chipmakers that experienced similar sell-offs over the past month as traders took profit off the table, including Advanced Micro Devices, Inc. and NVIDIA Corporation. All of these companies had realized strong gains since the beginning of the year.

The positive news is that the industry’s fundamental performance has remained strong. During the third quarter, Intel’s revenue rose 2.3% to $16.15 billion – beating consensus estimates by $420 million – and net income of $1.01 per share beat consensus estimates by 21 cents per share. Management also raised its fourth quarter guidance to revenue of $16.2 billion and net income of 86 cents per share, both of which were above consensus estimates. (See also: Intel Stock Well Positioned for Year-End Rally.)

 

Intel shares have declined sharply to key support levels, which traders will be watching closely over the coming sessions. …read more

Read more here: Intel Stock Nears Breakdown From Key Support Levels

Category: INTC, AMD, NVDA

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