Intel (INTC): Patience is key while the market is ranging

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Nothing significant has changed on INTC since our last analysis. It appears that Intel may have found a bottom at the 88.2% Fibonacci level, but the stock has remained in a range since then. Unless the resistance level above is reclaimed, we wouldn’t be surprised to see continued ranging behavior.

Even Intel’s latest earnings report didn’t create much movement. Despite posting a considerable net loss due to impairment and restructuring charges, Intel projected fourth-quarter revenue above estimates. As one of the largest producers of PC chips, Intel has recently benefited from renewed demand for PCs, driven by on-device AI features and a fresh Windows update cycle. These factors allowed Intel to exceed Wall Street’s low expectations, but not enough to break the current range.

We’ll continue to monitor INTC, but as it stands, trying to long it into the overhead resistance doesn’t make sense from our perspective. Patience is often the best strategy in such uncertain market conditions.