$INTC TOP 20
Added 2024-04-07 11:25:04 +0000 UTCBig breakdown this week from $INTC because they reported that their Foundry department had lost $7 Billion, which is more than estimates.
They released this information 2 weeks before earnings to absorb this impact....it was certainly a tactical move but in the short term, it has sunk the share price and lost the $42 support level.
The impulse structure has not broken down, and I have added in the amber line at $34 to show the breakdown level.
But $42 is lost, the 0.38 Fib level is lost and so is the 200 Day MA....so this was certainly a big blow this week and $INTC is looking weaker.
The 0.5 Fib at $38 will need to offer support this week or I can not see how $INTC maintains this structure.
$AMD had something similar this week but did not lose its 200 Day MA.....which is a big factor for me.
$INTC will need a big earnings report this week and a strong guidance...I would be surprised if they announced a share buy back or increased dividend, due to their cap ex spending lately on expanding.
