Intel has reached its local top and is now entering a correction before the broader run-up continues.
Intel has demonstrated a significant rally, initiating a long-term uptrend in the process. However, we expect Intel to have formed a local top at $142.35 and to currently be trading within a corrective phase. This correction does not break the trend — it is part of it. We see this correction as an opportunity to establish a position in this market.
We have defined a Fibonacci retracement zone where we expect the current correction to terminate and where the market is anticipated to regain bullish momentum, continuing its long-term uptrend.
Long Entry Levels:
- 50% at $80.59
- 61.8% at $66.05
- 78.6% at $45.35
Stop Loss: 1% below the zone at $44.88
This zone represents prime buying opportunities for this stock over the long term.
Should anything change with Intel, or once Intel reaches and activates our Fibonacci retracement zone, we will update you immediately.
Kind regards,
Monalytics
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