With the broader US equity market closing broadly higher for a second day, there was similar strength in most tech stocks. Intel (INTC) settled higher by a significant 1.1% @ $31.39. The net daily gain made for a clear breakout from narrowing price action that stretches back to the December high of $34.98.
Suffice to add, INTC is now one of the most bullish stocks out there.
Equity bulls merely need a break above the March high of $32.47. If that is achieved, its open air to the high $34s.
On any fair basis, any price action above $32.50 would be strong evidence against the broader bearish outlook.
*I like INTC for the long term, but would only see INTC as a valid long, ifchasing it on a break >$32.50.
If instead, the main market rolls over again, INTC is set for much lower levels... the giant monthly cycle would offer $20 by late autumn. For now, that can (understandably) be seen as mere crazy talk.