Intel readies to pierce pivotal support - Analysis - 01-08-2022

Intel's stock skidded in the intraday levels after the chipmaker reported profits less than expected, while forecasting grim results for the current quarter, blaming the overall economic downturn, with the stock slumping 8.56%, or 3.40 points, and settling 36.31, with trading volumes surpassing 125.2 million shares, above 10-day averages of 48.4 million shares.

The main downward trend dominates in the short term, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI, reaching the pivotal support of 35.54.

Therefore we expect more losses for the stock, targeting the support of 32.30, provided the support of 35.54 was breached.

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Expected trend for today: Bearish