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INTC – Patience for the Price to Bottom Out

Written By: ChartChamp

April 26, 2024

INTC has been making a lot of headlines after a steep decline after yesterday’s worse than expected earnings announcement. AI chip companies have been in a downtrend in general, but INTC has been underperforming relative to the others. I think NVDA’s earnings announcement in May is likely to be a catalyst for these AI chip companies to rebound and rally again. For now I would give INTC some time to bottom out. The price has dropped below the green support zone from this strong selloff. $31 seems like a great price, but there’s a risk of catching a falling knife here. I would give INTC a few days to bottom out just to be safe.

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