It is official: Intel has a new man in charge and the markets are loving it. Intel spiked more than 7% on the day after it was reported that CEO of VMware Pat Gelsinger will be replacing erstwhile Intel Chief Executive Bob Swan in February.
The change at the top is an attempt by the company to close a chapter that saw Intel flounder in the semi-conductor race in 2019 and 2020. Intel stock has been given new optimistic projections and the stock soared quickly after pulling off an upside gap.
Technical Levels to Watch
Intel corp is now challenging resistance at 58.95. A clean break of this area allows the stock to target 61.66 (16 June & 22 July 2020 highs) in the first instance. The next leg to the upside would see Intel testing 63.77, with 65.01 also lining up as potential resistance.
On the flip side, failure to break 58.95 could see Intel pulling back to 57.40, with 56.75 and 55.84 in the running as near-term downside targets.
Intel Corp; Daily Chart