Shares of Intel (INTC) - Get Intel Corporation (INTC) Report   ended the week on a painful note, closing down Friday nearly 9% to $52.43.

The decline is the worst one-day fall for Intel in more than a decade and is a result of the company's latest earnings report. While first-quarter adjusted earnings of 89 cents per share beat estimates by 2 cents and revenue of $16.1 billion topped estimates by $70 million, guidance wasn't so great.

The company made deep cuts to its second-quarter outlook and also trimmed its full-year outlook. The new guidance is reverberating around the market on Friday, hitting stocks like Nvidia (NVDA) - Get NVIDIA Corporation Report , Micron (MU) - Get Micron Technology, Inc. (MU) Report and even the VanEck Semiconductor ETF (SMH) - Get VanEck Vectors Semiconductor ETF Report , which is down almost 2% on the day.

So is this a red flag or a buying opportunity in Intel stock?

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Trading Intel Stock

Daily chart of Intel stock.

Earlier in the week on Twitter, I said a pullback to the $56 area would be attractive in Intel stock. However, I did not expect it to crater this low and now we have to draw upon further levels of potential support.

On the daily chart, the $49 to $50 area could provide some relief, should Intel stock continue lower. To fall into that range, shares would need to decline roughly another $2 from current levels, or about 4%. From August through February, this area was a level of resistance for INTC stock and it would be bullish if the stock were to now find this level as support.

At $50.60, Intel stock also has the 50% Fibonacci retracement for its 52-week range. Since we used a daily chart, we cannot display the monthly moving averages but it's worth pointing out that the 50-week moving average currently rests near $49.50.

Short of some kind of reversal taking place, investors do not typically like to buy into massive, one-day declines such as this. Many prefer to use a "three-day rule" or wait until there's some sort of reversal before getting long. Halfway into Friday's trading session and we are not there yet with Intel stock.

Should Intel stock lose $49, which is also where the 200-day moving average is, it will fall into no man's land for the time being. Let's see if Intel will work its way lower over the next few days and if support comes into play.

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