INTC’s Recent Decline Has Taken it To Trend-Line Support from its 2009 Lows
Self-explanatory chart below – INTC is now sitting on trend-line support from its 2009 and 2011 lows.
Can we expect a bounce here for INTC and with it the semiconductor space in general – both have been beaten up badly of late, especially semis on a relative-basis.
If not, expect more downside for both to begin in earnest.
If a bounce can be generated at support here it would be good for the tech sector given its battle with major 12-year old 50% Fib retracement resistance – if a large cap tech name like INTC starts to rally you can bet it carries the tech sector higher with it.