With the US market closing higher for a second day, there was notable strength in Intel (INTC), as earnings came in 'reasonable', settling +4.3% @ $32.84 (intra high 32.99) With the break above declining trend/resistance, there is probable upside to at least $35.. if not the low $40s by June/July.
*I was long INTC from Monday, into early Wed'.. and have exited. It was a pure earnings trade..hence the exit.. despite my mid/long term bullish outlook.
Looking at the giant monthly cycle, INTC saw a key breakout last summer.. when it held above $25... a key level that has spanned across two decades.
There looks to be near term upside to at least $35, but quite possibly the low $40s.
If the market just keeps climbing into year end.. with Nasdaq comp in the 6000s, then INTC in the 45/50 zone would be a very valid target.