Intel (INTC) shares remain in focus this week after Reuters reported on Sunday that CEO Pat Gelsinger and other senior executives are expected to present plans later this month that involve shedding assets and reducing澳洲幸运5官方开奖结果体彩网: capital expenditures in an effort to turn the company’s fortunes around.

On Friday the stock surged more than 9% after Bloomberg reported that the chipmaker is considering 澳洲幸运5官方开奖结果体彩网:spinning off or selling its foundry busﷺiness, a loss-making division that makes chips for third party customers. However, sources told Reuters that the company does not yet have plans to sell its contract manufacturing operation, but was considering 澳洲幸运5官方开奖结果体彩网:divesting its Altera programmable chip unit.

Even after Friday’s jump, Intel shares have tumbled more than 56% since the start of the year, with falls accelerating last month after the chipmaker’s 澳洲幸运5官方开奖结果体彩网:♐disappointing second-quarter earnings report. The company also announced a pause💧 to its dividend payment and a 15% workforce reduction aimed at saving $10 billion꧃.

Below, we’ll take a closer look at Intel chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to point out important price levels to watch.

Double Bottom Pattern in Play

Since gapping down more than 26% in early August following the company's quarterly results, Intel shares have carved out two troughs, raising the possibility of a 澳洲幸运5官方开奖结果体彩网:double bottom, a chart formation thatℱ typically marks a trend reversal back to the upside.

Although the chipmaker’s stock closed above the pattern’s neckline on Friday on above-average 澳洲幸运5官方开奖结果体彩网:trading volume, investors should watcꦇh for a more decisive breakout this week for added confirmation of a va💞lid signal.

Watch These Key Overhead Intel Chart Levels

♛ Amid further bullish price action in the stock, market participants should monitor four specific overhead chart levels likely to attract interest.

The first sits around $25, a region where investors who bought near recent lows may look to 澳洲幸运5官方开奖结果体彩网:lock in profits near two prominent troughs that formed in October 2022 and F♔eb꧅ruary 2023.

Further upside could see a move up to $30, a location that may encounter resistance from a 澳洲幸运5官方开奖结果体彩网:horizontal line linking multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs in the stock between Novꦓem𝔉ber 2022 and July this year.

A successful close above this level could see the shares climb to the $32.25 area, where they may run into selling pressure near a trendline joining the August and October 2023 澳洲幸运5官方开奖结果体彩网:swing lows with more recent trading levels from🤪 May to July this year.

Ongoing buying may see the stock rally to $37. This area currently finds a 澳洲幸运5官方开奖结果体彩网:confluence of resistance from downward sloping 澳洲幸运5官方开奖结果体彩网:200-day moving average (MA) and multiple price peaks that formed on the chart between June 2023 and 🐓July 2024.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.