Intel buoyed by important support - Analysis - 10-05-2021

Intel's stock (INTC) rose 0.84% in the last session after the support of 56.00 held on, representing the ratio 50%% of Fibonacci retracement levels for an ascending wave in the short term (from 43.59 to 68.37), with positive signals from the RSI, amid the dominance of the downward correctional short-term trend, with negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the support of 56.00 anew, provided the resistance of 58.95 was breached. 

Expected trend for today: Bearish