January 24, 2012
Shares of Intel Corp (NASDAQ: INTC) are testing an important resistance level at $16.71 a share.
Intel is a semiconductor chip maker, which develops advanced integrated digital technology products, mainly integrated circuits, for industries such as computing and communications. It is a bell weather in the semiconductor sector.
Intel has reach ed the $16.71 level several times over the past days and pulled back. $16.71 was the closing high reached back on July 26, 2011 and right before a huge decline erased 25% of share value.
A close above $16.71 would be a breakout for shares on Intel and we would expect the stock to rise until the $18.25 to $18.50 level, which was the top for prices for almost a year from mid-2010 to mid-2011.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy currently has a position in Intel.
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