Intel prepares to pierce pivotal support - Analysis - 09-06-2022

Intel's stock (INTC) skidded in the intraday levels amid the dominance of the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, with negative signals from the RSI after forming negative divergence, marking a loss of 5.28%, or 2.3 points, and settling at 41.23, making it one of the worst performers on the NASDAQ.

The losses came after Citi downgraded the stock once more, while expecting Intel to miss forecasts for second quarter.

Therefore we expect more losses for the stock, targeting the support of 38.31, provided the support of 40.31 was breached.

Intel Corporation was founded over 50 years ago and manufactures chips since 1971, and manufactured the x86 processor, highly applicable in PCs and servers. 

Expected trend for today: Bearish