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June 22 Chart of the Day - Intel

Chip maker Intel (INTC) is making headlines today and is down about 6% in pre-market trading to $32.90 as it announced manufacturing restructuring changes yesterday.

Based on the monthly chart more downside may be coming for the global company as one can clearly see a range that price has been bounced between seven times since 2001 and twice during the past year (roughly $25 to $37).

So is this price drop technical analysis or news driven?  Read on for our answer...

We can see that price was firmly rejected once again at the $37 level and continues downward in search of support levels.

Next technical level of potential support comes in the $30-$32 area but if that doesn't hold perhaps $27.38 to $29.50 may be the level where bulls step back in keeping the latest uptrend intact.  

A break and hold below $27 could produce yet another round trip back down to $25 or even below.

Price would need to break above and hold $37, levels not seen since a year ago,  in order for Intel investors to really get excited again.

So for or now, we'll go with price action technical analysis as the primary drivers behind the stock's price movement.

So what's next?

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

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