Intel (INTC) - Get Report is heading for a strong finish to the month. The stock is up 1% at midday and is trading at new highs for the week. This impressive upgrade inspired move may be the initial phase of a fresh rally leg. Investors should take a more positive view of the stock as the new month begins. INTC's pullback from the January 2017 highs may soon be ending.

In late January, INTC peaked near $38.50. The stock quickly retreated from this heavy resistance area, which previously capped the 2016 high, leaving behind an ominous double top in the process. In early February Intel fell below the $36.00 area as the deep pullback from the double top gained steam. The stock finally began to bottom near its 200-day moving average by mid-month and has continued to consolidate since.

After successfully retesting the February low on March 14, INTC has been steadily recovering. As this week comes to an end the stock has regained its footing near the 200-day moving average. INTC now has a solid base to work from and should be considered a low-risk buy near current levels. A key hurdle for the stock as April begins will be the March high at $36.30. Once this level is cleared INTC will have room to run. On the downside, a close back below $35.00 would violate this week's low, indicating more consolidation is ahead.

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