$INTC TOP 20
Added 2024-04-03 14:41:24 +0000 UTCDifficult catalyst for $INTC yesterday, reporting that their Foundry Unit lost $7 Billion in 2023....which is an interesting move to report this loss before earnings at the end of this month, so this loss can be baked into the share price before the report.
This will likely lower estimates expected for their report and if $INTC can show gains in other departments, this may be a tactical move from $INTC to safeguard their earnings.
On the chart, the $42 level is now lost and in a descending wedge now, with the 200 Day MA moving up to the bottom of the wedge line at $40.
Losing $40 and $INTC is into its ABC correction, holding this level and Wave 5 is still a possibility.
Comments
$INTC ended day just above the 200 day MA. Previous tests of the 200 day held as support
Byron Tanigawa
2024-04-04 05:45:05 +0000 UTC
