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AI predicts Intel stock price for the end of 2023

AI predicts Intel stock price for the end of 2023

Earlier this week, Intel Corporation (NASDAQ: INTC) faced a significant setback as its stock price fell following reports that its archrivals, AMD (NASDAQ: AMD) and Nvidia (NASDAQ: NVDA), were developing Arm-based PC chips. 

With Intel currently dominating the market for PC chips, the news sent shockwaves through the industry. PC chip sales constitute over half of Intel’s revenue, making this development concerning for the tech giant. 

Despite this recent stumble, Intel has had a fairly good year, boasting a 22% year-to-date stock gain, outperforming the S&P 500‘s 8% increase. 

As we move forward, the question remains whether Intel can continue to build on its gains. To answer that, Finbold conducted a quantitative analysis on October 27 to provide insights into Intel’s future stock market trajectory.

Notably, shares of Intel are projected to trade at $28.96 on December 31, 2023, implying a notable drop of more than 10% from INTC’s current price, according to the AI algorithms on CoinCodex.

CoinCodex’s AI predictions for INTC. Source: CoinCodex

In a month from now, the stock is expected to drop to $29.7; however, the 1-year forecast projects a share price surge to more than $45. 

INTC technical analysis

shares of Intel were sitting at $32.52, down around 1% after market close on October 26, and nearly 9% in the past five trading sessions.

Over the past month, the stock lost over 6% of its value, recording just 11 out of 30 green days. During this period, INTC displayed price volatility of 3.4%. 

In the wake of its recent declines, Intel is now trading just above the 200-day moving average (MA) at $32.01, which also acts as a support. Losing this key threshold would open the way for the stock to continue nosediving toward the next support at around $29.7. 

INTC technical analysis chart. Source: TradingView

On the upside, INTC faces a confluence resistance zone between $34.18 and $34.70. The latter level is where the 100-day MA is located.

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