Intel breaches pivotal support - Analysis - 23-06-2017

Intel's stock (INTC) kept falling in the intraday levels, recording a loss of 0.64% in the last session, or 0.22 points, and trespassing the pivotal support of 34.34, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 27.68 to 38.45), amid negative pressure from the 50-day SMA. 

Therefore we expect more losses for the stock, as long as it settles below 34.34, targeting the support of 33.07, which represents the ratio 50% of the same retracement levels.