It's unlikely that INTC still has the interest in Broadcom that was rumored over the weekend. But interestingly, I still find Intel attractive, as I did a few days back when I last wrote about this stock.
We still have some basic technical indicators that look OK, as this chart shows:
For example, the Relative Strength Index at the top (marked "RSI") is in good shape, without overheating. The Chaikin Money Flow (marked "CMF" at the bottom) is in decent shape as well, while the daily Moving Average Convergence Divengence oscillator (or "MACD") is also exceptionally strong. However, I would take the MACD as a less indicative of short-term action, given how far above zero both the 12- and 26-day exponential moving averages (EMAs) have run is such a short time.
Still, Intel has clearly bounced sharply off of the "flash correction" that it saw back in early February. That low has now formed the lower elbow of the pitchfork pattern (the yellow lines above), which had previously provided support. So had the 50-day simple moving average (the blue line above).
However, the pitchfork model now represents rising resistance, which has recently slowed the stock's advance. That said, I don't see a real disaster brewing here. Should tech-space weakness persist, Intel should see some support in the $49.25-$49.30 area. And should there be an outright sector rotation out of tech, I see increased help just below $48.
So, even that wouldn't be the end of the world. That rising line of resistance we spoke of also allows Intel to make a second attempt at the $54 level by April Fool's Day.
And if we get an upside break there? Well, I did put a $57 price target on the stock last Monday. That seems worthy of reiteration at this point, but let's aim for May 1 on that one.