UPDATE: This article has been updated with share price information from early trading on Friday.

Intel (INTC) shares plunged after the chipmaker 澳洲幸运5开奖号码历史查询:reported quarterly results that missed Wall Street quarterly estimates, issued soft current-quarter guidance, and unveiled a $10 billion cost-cutting plan that includes slashing 15% of its workforce.

The stock, which has tumbled about 60% from its December 2023 high, has come under heavy investor scrutiny this year amid the chipmaker’s sizable investment in manufacturing facilities to ramp up its 澳洲幸运5开奖号码历史查询:loss-making foundry business, as it aims to capture market share from contract silicon giant Taiwan Semiconductor Manufacturing Company (TSM). 

Shares were down 29% at $20.72 about half an hour into Friday's trading session.

Below, we zoo🐈m out on Intel’s monthly chart to identify historically significant price levels that may come into focus amid the stock’s post-earnings drop.🍨

Selling Conviction

Intel shares have continued to trend sharply lower after breaking down from a ten-month 澳洲幸运5开奖号码历史查询:ascending channel in April. M🍸ore rec꧙ently, an attempt by bulls to reclaim the 200-month moving average in July proved futile, with the stock closing near its monthly low.

Importantly, above-average 澳洲幸运5开奖号码历史查询:trading volume has accompanied the decline,𒈔 indicating conviction by larger market players.

Monitor These Crucial Historical Support Levels

Amid the earnings-driven plunge, investors should monitor three crucial price lev🅰els on the chart where Intel shares may attract bargain hunters.

The first sits at $26. Though the stock opened lower than this level Friday, it’s worth watching if buyers can close the stock above a multi-year 澳洲幸运5开奖号码历史查询:horizontal line that links multiple 澳洲幸运5开奖号码历史查询:peaks and troughs from March 2005 all the way to March last year.

A breakdown below the above level could see the shares fall to around $20, where they would likely attract buying interest near the 澳洲幸运5开奖号码历史查询:psychological round number and an important trendline that connects a range of comparable price action from the height of the 澳洲幸运5开奖号码历史查询:dot-com bust in September 2001 through to February 2013.

An ongoing selling rout could lead to a test of the $13 area, a location on the chart last visited at the depths of the 澳洲幸运5开奖号码历史查询:great recession between 2008 and 2009.

In addition to watching the levels outlined above, investors should also monitor for oversold readings in the 澳洲幸运5开奖号码历史查询:relative strength index (RSI). The last time the indicator bottomed out bꦓelow the 30 threshold in September 2022, Intel shares rallied around 95% over the following 15 mon♍ths.

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