Intel (INTC) shares soared Wednesday amid a huge rally for chip stocks after 澳洲幸运5官方开奖结果体彩网:President Trump announced a 90-day pause on "reciprocal" tariffs.

The stock may also be attracting interest following reports the chipmaker tentatively agreed to fo🌳rm a joint venture with Taiwan Semiconductor Manufacturing Company (TSM) that would rꦗun the U.S. company’s foundry business.

While tariff developments will likely 🐲continue to drive near-term sentiment in the stock, confirmation of a potential deal with TSMC that ramps up domestic contract chip manufacturing could act as a cat༒alyst for further upside.

Intel shares have outperformed the 澳洲幸运5官方开奖结果体彩网:S&P 500 since the start of the year as of Wednesday's close, though the stock has lost 44% over the past 12 months amid uncertainty surrounding the chipmaker’s 澳洲幸运5官方开奖结果体彩网:restructuring plans and constant deal specul🍰ation. The stock gained 19% on Wednesday to close at $21.53𒆙.

Below, we analyze Intel’s 澳洲幸运5官方开奖结果体彩网:monthly chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to identꩵify crucial levels that investors may be watching.

Bullish Reversal

After forming a 澳洲幸运5官方开奖结果体彩网:double top between January 🌟2020 and April 2021, Intel shares have trended sharply lower, with a countertrend rally to the 50-month moving average (MA) in December 2023 runꦑning into immediate selling pressure.

More recently, bears drove a brief sell-off below last year's September low before bulls reclaimed this key level during Wednesday's bullish reversal, potentially setting the stage for follow-though buying. However, investors should brace for further volatility ahead, with 澳洲幸运5官方开奖结果体彩网:trading volume picking up in the stock since August last year.

Let's identify key overhead areas to monitor and also point out a crucial 澳洲幸运5官方开奖结果体彩网:zone of support worth watching amid the pote♔ntial for further🌊 tariff-driven volatility.

Key Overhead Areas to Monitor

Follow-through buying from current levels could initially see the shares climb to around $25. This area on the chart may provide selling pressure near a trendline that links multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart extending back to mid 1997.

Buying above this level could form part of a longer-term bullish reversal to $35. Investors who have bought the stock's recent lows may look to offload shares in this region near the 200-month MA and a multi-year 澳洲幸运5官方开奖结果体彩网:horizontal line the links a range of comparable trading activity on the chart between January 1999 and September 2023.

Crucial Zone of Support Worth Watching

During future moves lower in the stock, investors should keep track of a crucial zone of support on Intel's chart between $18.50 and $17. This region will likely continue to attract significant attention from investors, given it's the location that marked the stock's recent low and sits near a range if similar price points stretching back to the late 90s.

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