After the latest observation from May 16 (“INTEL – The cow is not yet off the ice”), the share should continue to decline and mark new movement lows. This is what happened – the share fell back to its lowest level since 2017 on May 20, but recovered significantly at the end of last week.
What`s the next step from a technical point of view?
The long lower wick of the daily candle from May 20 already signaled greater buying interest in the $41 area. In the past three trading days, the share then posted very impulsive gains and overcame the recently discussed downward trend in the daily chart.
If a rise above the much observed EMA50 in the daily chart is now also achieved, the way would be clear for a larger recovery movement into the USD 49 to 51 range, potentially significantly higher. However, the share should not fall below the USD 42 mark at the end of the day, otherwise the situation would have to be reassessed.