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Nearest Resistance: $23
Nearest Support: $22.50
Catalyst: Technical Setup, VC Portfolio
>>3 Tech Stocks Hedge Funds Are BuyingIntel(INTC - Get Report) is another perennial high-volume stock worth mentioning today. A solid technical setup coupled with an update to the firm's venture capital portfolio is putting more eyes on this semiconductor giant this week. The firm held a summit for its private venture capital arm this week, releasing the names of 10 technology companies in its portfolio. While Intel Capital is a small chunk of the chipmaker's business, it has seen successful exits from some high profile investments, so investors pay attention to the VC unit's deals.
The technical setup in Intel is also worth looking at right now. Shares of the $114 billion stock have slid around 6% so far in 2012, dragged lower by a semiconductor industry that's still in convalescence mode. But shares have been basing for the past two weeks, bringing up the possibility that a reversal could be in order.
With INTC in a tight range right now, I'd recommend being a buyer if shares can push through $23.