Intel (INTC) shares will be in focus this week as investors await the beleaguered 澳洲幸运5开奖号码历史查询:chipmaker’s third quarter results after Thursday’s closing bell.

Analysts expect the company to report a decline in revenue for the period owing to softening demand for both its PC and server chips as it faces intensifying competition from rivals, such as Advanced Micro Devices (AMD) and 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) darling Nvidia (NVDA).

Investors will look for further updates from executives about the company’s 澳洲幸运5开奖号码历史查询:turnaround plans, which has helped underpin a 23% recovery in the chipmaker’s stock from its early-September low. However, the shares still remain more than 50% lower since the start of the year through Friday’s close, as the company’s 澳洲幸运5开奖号码历史查询:dominance in the chip market continues to shrink.

Below, we take a closer look at the 澳洲幸运5开奖号码历史查询:technicals on Intel’s 澳洲幸运5开奖号码历史查询:weekly chart and point out important price levels to watch out for as the chipmaker preܫpares t༒o report its quarterly results.

Rangebound Trading Persists

Since breaking above the neckline of a 澳洲幸运5开奖号码历史查询:double bottom on above-average volume last month, Intel shares have remained stuck in a 澳洲幸运5开奖号码历史查询:sideways drift, with a doji forming last week—a 澳洲幸运5开奖号码历史查询:candlestick pattern that indicates indecision.

Moreover, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) has flattened out in recent weeks, confirming 澳洲幸运5开奖号码历史查询:rangebound conditions in the stock.

Amid the potential for earnings-driven 澳洲幸运5开奖号码历史查询:volatility, let’s outline several important levels on Intel’s chart that investors will likely be ꧋watching.

Key Support Levels to Monitor

Firstly, it’s worth keep an eye on the $22 level. This area on the chart sits just 3% below Friday’s close and has provided support over the past montꦬh near the double bottom pattern’s neckline.

A decisive 澳洲幸运5开奖号码历史查询:breakdown below this region could see the chipmaker’s stock revisit the $19 level, an area where bargain hunters may look for buying opportunities near the August and September double bottom troughs.

Important Resistance Areas to Watch

A breakout above the recent sideways drift may drive a move up to around $25. Investors who have purchased the stock at lower levels in recent months could seek 澳洲幸运5开奖号码历史查询:exit points near three prominent 澳洲幸运5开奖号码历史查询:swing lows that formed on the chart between Oct𝓰ober 2022 and F▨ebruary last year.

A rally through this level could see the shares climb to $30, a location where the pri𓆉ce may run into ove💟rhead selling pressure near major peaks and troughs on the chart from November 2022 through to June this year.

Finally, a more bullish move may lead to a retest of the $36 level, an area just above the 50-week moving average where investors could decide to 澳洲幸运5开奖号码历史查询:lock in profits near a tr🤪endline connecting a range of comparable trading levels on the chart between June 2022 and July this year.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5开奖号码历史查询:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.