Watch These Intel Stock Levels as CEO Reportedly Preparing Plans to Sell Assets, Cut Costs

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Watch These Intel Stock Levels as CEO Reportedly Preparing Plans to Sell Assets, Cut Costs

Source: TradingView.com

Key Takeaways

Intel 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 capital expenditures, as part of an effort to turn the company’s fortunes around.

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 double bottom, a chart pattern that typically marks a trend reversal back to the upside.

Investors should watch key overhead chart levels in Intel shares at $25, $30, $32.25, and $37.

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

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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

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, 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

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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

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. 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

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to point out important price levels to watch.

Double Bottom Pattern in Play

Since

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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

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, a chart formation that typically marks a trend reversal back to the upside.

Although the chipmaker’s stock closed above the pattern’s

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on Friday on above-average

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, investors should watch for a more decisive breakout this week for added confirmation of a valid 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

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near two prominent troughs that formed in October 2022 and February 2023.

Story continues

Further upside could see a move up to $30, a location that may encounter resistance from a

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linking multiple

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in the stock between November 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

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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

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of resistance from downward sloping

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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 

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 for more info.

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

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#Watch #Intel #Stock #Levels #CEO #Reportedly #Preparing #Plans #Sell #Assets #Cut #Costs

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