Intel (INTC) shares will be in focus this week as investors await the beleaguered 澳洲幸运5官方开奖结果体彩网:chipmaker’s third quarter results after Thursday’s closing bell.

Analysts expect the company to report a decline in revenue for the period owing to softening demand for both its PC and server chips as it faces intensifying competition from rivals, such as Advanced Micro Devices (AMD) and 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) darling Nvidia (NVDA).

Investors will look for further updates from executives about the company’s 澳洲幸运5官方开奖结果体彩网:turnaround plans, which has helped underpin a 23% recovery in the chipmaker’s stock from its early-September low. However, the shares still remain more than 50% lower since the start of the year through Friday’s close, as the company’s 澳洲幸运5官方开奖结果体彩网:dominance in the chip market continues to shrink.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on Intel’s 澳洲幸运5官方开奖结果体彩网:weekly chart and point out important price levels to watch out for as the chip🦩maker prepares to report its quarterly results.

Rangebound Trading Persists

Since breaking above the neckline of a 澳洲幸运5官方开奖结果体彩网:double bottom on above-average volume last month, Intel shares have remained stuck in a 澳洲幸运5官方开奖结果体彩网:sideways drift, with a doji forming last week—a 澳洲幸运5官方开奖结果体彩网:candlestick pattern that indicates indecision.

Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) has flattened out in recent weeks, confirming 澳洲幸运5官方开奖结果体彩网:rangebound conditions in the stock.

Amid the potential for earnings-driven 澳洲幸运5官方开奖结果体彩网:volatility, let’s outline several important levels on Intꦫel’s cha🐷rt that investors will likely be watching.

Key Support Levels to Monitor

Firstly, it’s worth keep an eye on the $22 level. This area on the chart sits just 3% below Friday’s close and has provided support over the past month near the double bottom pattern’s nꦇeckline.

A decisive 澳洲幸运5官方开奖结果体彩网:breakdown below this region could see the chipmaker’s stock revisit the $19 level, an area where bargain hunters may look for buying opportunities near the August and September double bottom troughs.

Important Resistance Areas to Watch

A breakout above the recent sideways drift may drive a move up to around $25. Investors who have purchased the stock at lower levels in recent months could seek 澳洲幸运5官方开奖结果体彩网:exit points near three prominent 澳洲幸运5官方开奖结果体彩网:swing lows that𝕴 formed on the c🧸hart between October 2022 and February last year.

A rally through this level could see the shares climb to $30, a location where the price may run into overhead selling pressure near major peaks and troughs on the chart from Nove🔯mber 2022 through to June this year.

Finally, a more bullish move may lead to a retest of the $36 level, an area just above the 50-week moving average where investors could decide to 澳洲幸运5官方开奖结果体彩网:lock in profits near a trendline connecting💃 a range of comparabไle trading levels on the chart between June 2022 and July this year.

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