Intel (INTC) shares will likely remain on watchlists Tuesday, a day after the embattled chipmaker said 澳洲幸运5开奖号码历史查询:CEO Pat Gelsinger had stepped down and will be replaced by a pair of interim co-CEO’s as it searches for a permanent replacement.

Gelsinger, who joined the chip giant in February 2021, had come under increasing pressure this year as the company implemented a 澳洲幸运5开奖号码历史查询:turnaround plan that spurred significant job losses and the 澳洲幸运5开奖号码历史查询:divestiture of some assets. Intel has been struggling to reclaim lost 澳洲幸运5开奖号码历史查询:market share from its chipmaking rivals and restore in💧vestor confidence.

Since the company reported a wider-than-expected net loss for the second quarter in August, weeks of speculation about strategic changes and reports of 澳洲幸运5开奖号码历史查询:deal activity have continued to swirl, but failed to boost investor confidence. Although Intel shares have recovered slightly over the past month, they have still lost 澳洲幸运5开奖号码历史查询:more than half of their value since the start of the year.

The stock rose as much as 6% on Monday following news of Gelsinger's departure, but finished the session down 0.5%. The stock was little changed in premarket trading Tuesday at around $24.

Below, we take a closer look at Intel’s chart and turn to 澳洲幸运5开奖号码历史查询:technical analysis to point out severಌal key price level🅺s worth watching out for.

Selling Volume Increases

After gapping more than 25% lower in early August, Intel shares have traded within an orderly 澳洲幸运5开奖号码历史查询:ascending channel, with the price tagging both sides of the pattern on several occasions 🌸since that time.

More recently, the stock dropped towards the 澳洲幸运5开奖号码历史查询:50-day moving average (MA) on the highest volume in more than a month Monday, indicating selling co🥀nviction behꦕind the move.

Meanwhile, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) continues to retreat from 澳洲幸运5开奖号码历史查询:overbought levels, falling below 50 yesterday to signal weakening price m𓂃omentum.♏

Let’s look at key 澳洲幸运5开奖号码历史查询:support and resistance levels on Intel’s chart that investors are likely monitoring.ꦰ

Key Support Levels to Watch

A decisive 澳洲幸运5开奖号码历史查询:breakdown below the 50-day MA could see shares decline to around $22. Investors may look for buying opportunities in this area near the 澳洲幸运5开奖号码历史查询:opening price of the early-August gap, which also aligns with a range of si🐻milar trading levels on the chaꦿrt between late August and early November.

Selling below this level opens the door for retest of lower support at the $18.50 level, a location around 23% below Monday’s closing price where bargain hunters could look for 澳洲幸运5开奖号码历史查询:entry points near the September low.

Important Resistance Levels to Monitor

The first overhead level to monitor sits around $30. This area on the chart finds a 澳洲幸运5开奖号码历史查询:confluence of resistance from the 澳洲幸运5开奖号码历史查询:200-day MA and lower range of a narrow 澳洲幸运5开奖号码历史查询:consolidation period that formed on the ch𝓀art✃ between May and June. 

Finally, a more bullish move could propel a rally up to the $37 level. Investors who have purchased Intel shares at lower prices could look to 澳洲幸运5开奖号码历史查询:lock in profits near a multi-month trendline that connects a series of peaks on the chart from June 2023 to 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.