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Intel (INTC) - Get Intel Corporation Report shares on Friday are up about 7.5% to $56.10 after the Santa Clara, Calif., chipmaker posted better-than-expected third-quarter earnings.

The shares were crushed in Q2 after disappointing earnings in April and management's lackluster three-year outlook in May that underwhelmed Wall Street.

Perhaps to investors' surprise, though, Intel stock was putting in a series of higher lows over the past few months, while a static level of resistance kept the shares in check. This is known as an ascending triangle, a bullish technical pattern that can often lead to breakouts.

With the company's third-quarter earnings report -- where it beat top- and bottom-line expectations and raised guidance -- Intel stock is delivering on that breakout attempt.

Now, it becomes a buy-on-dips candidate with the bulls back in control. Let's take a closer look at the charts.

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Likely helping Intel's rally is the fierce post-earnings rebound in Amazon (AMZN) - Get, Inc. Report , the rally in Nvidia (NVDA) - Get NVIDIA Corporation Report and the new highs in the VanEck Semiconductors ETF (SMH) - Get VanEck Semiconductor ETF Report .

At the top, we mentioned the series of higher lows and the static level of resistance that formed the ascending-triangle pattern. Those higher lows come in the form of a rising uptrend line (blue line), while resistance was set firmly at $53. That level also marked the 61.8% retracement for the one-year range.

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With Friday's powerful breakout, $53 now becomes a must-hold support level. Investors will likely buy INTC on a dip to this zone, given its significance as resistance over the past few months.

From here, let's see whether the stock can maintain above the 78.6% retracement at $55.90. Over it puts a move above the Friday highs on the table.

Speaking of Friday's high, notice where it comes into play? The stock came within pennies of the April low that preceded the violent gap-down action. If Intel stock can fill the gap all the way back up and clear $57, the 52-week high of $58.83 is on the table.

The bottom line: After the breakout, it would be most bullish to see Intel stock give back as little of Friday's gains as possible. Above $57 could trigger a move to the former highs. Look to buy dips in INTC stock, but make sure it stays above $53.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.