Intel Corporation (NASDAQ: INTC) stock recently achieved a notable milestone by reaching a new 52-week high on September 5 at $37.21.
However, it’s also worth noting that this surge is consistent with the broader market trend, as the S&P 500 is also approaching new highs.
At the time of publication, Intel is trading at $37.08. This impressive performance has witnessed a significant uptrend of over 10% over the past five days.
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Over the last month, Intel has demonstrated a rather wide trading range, spanning from $32.02 to $37.21. Presently, the stock is positioned towards the upper end of this range.
Nevertheless, for prospective investors, it may be prudent to exercise patience and consider awaiting a consolidation or potential pullback before contemplating an entry point.
It’s encouraging to observe a support zone for INTC shares in the range of $36.37 to $36.84, which derives its strength from a convergence of multiple trend lines across various time frames. This support zone could provide a valuable reference point for investors.
CEO’s positive outlook
Moreover, Intel’s recent performance has received a boost from Chief Executive Pat Gelsinger’s positive outlook on the company’s business during a recent Deutsche Bank conference.
Gelsinger shared that Intel is surpassing the midpoint of its third-quarter revenue outlook with a particularly healthy client business. The company’s revenue outlook had previously ranged from $12.9 billion to $13.9 billion.
Gelsinger expressed confidence in Intel’s inventory levels, indicating an improvement in market share. He also hinted at an impending major product release, further bolstering the company’s prospects. In addition, Gelsinger reassured investors about the data center business, noting that it is performing in line with their expectations, despite an expected sequential decline in the third quarter as the company manages inventory.
In summary, Intel’s recent stock performance reflects its resilience and positive market sentiment, helped by multiple technical factors and the CEO’s upbeat outlook on the company’s performance.
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