Intel Stock Forms an Alarming Pattern as Earnings Loom
Intel (NASDAQ: INTC ) stock has moved into a local bear market after falling by 33% from the year-to-date high. It has also formed a double-top pattern as traders position themselves for the upcoming second-quarter earnings report later this week. Intel Stock on Edge Ahead of Earnings INTC stock has dropped sharply in the past few weeks, mirroring the performance of other semiconductor companies. The iShares PHLX SOX Semiconductor Sector ETF (NASDAQ: SOXX ) has slumped by 20% from its highest point this year. Intel is still one of the best-performing companies in the United States this year. It has jumped by 150% since January and by 320% in the last 12 months, with its valuation soaring to over $477 billion. Intel has soared as the turnaround measures introduced by Lip-Bu Tan started to bear fruit. It raised cash from the US government and Nvidia (NASDAQ: NVDA ), announced large layo...
Intel (NASDAQ: INTC ) stock has moved into a local bear market after falling by 33% from the year-to-date high. It has also formed a double-top pattern as traders position themselves for the upcoming second-quarter earnings report later this week. Intel Stock on Edge Ahead of Earnings INTC stock has dropped sharply in the past few weeks, mirroring the performance of other semiconductor companies. The iShares PHLX SOX Semiconductor Sector ETF (NASDAQ: SOXX ) has slumped by 20% from its highest point this year.
Intel is still one of the best-performing companies in the United States this year. It has jumped by 150% since January and by 320% in the last 12 months, with its valuation soaring to over $477 billion. Intel has soared as the turnaround measures introduced by Lip-Bu Tan started to bear fruit. 2 billion deal.
Read Also: Oracle Has a Massive Revenue Backlog: Why is the Stock Plunging? The company has also made more major announcements, including taking part in the Terafab project in Texas. It will also start to make chips for Apple (NASDAQ: AAPL ) in its Texas plant. Intel is also benefiting from the ongoing AI agent growth, which has led to a surge in demand for CPUs.
4%. It also reduced its R&D and MG&A costs by 8%. This week’s earnings will provide more information about its growth. 17% YoY.
13 billion, up by 10% YoY. Judging by the ongoing AI boom, chances are that its numbers will be better than expected. INTC Stock Has Formed a Double-Top Pattern Intel stock chart | Source: TradingView Technicals suggest that Intel’s stock may drop further after its earnings report. 15 and a neckline at $98.
A double-top pattern often leads to a bearish breakout. 2% Fibonacci Retracement level. Therefore, these technicals suggest that the stock may drop further after its earnings report. If this happens, the stock may move to the 50% retracement level of $80.
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