As we can see in the chart below, stock price is just in support level: 61,8% Fibonacci level of the rise between November 12, 2007 and December 27, 2007. It correspond to 170,5$.
If this support is broken, stock price can plunge to 150$. So, be careful, please.
As I wrote a few days ago, it seemed that the chart was taking the shape of a double top. Stock price had to close over 97$ resistance level to break this double top chart.
Though stock price was fighting against this level, it couldn’t be broken, so stock price began to fall. And now we have a very important support level in 76,5$. If this supoort level is broken, the double top will be confirmed and we can expect a drop to 50$ more or less.
AS I jot down last January 3, 2008, Intel was breaking ths lower trendline of its ascending channel. So, a first objective was a drop to 22$ (support level). Well, stock price has closed just in 21,99$…
Now, we can expect a new drop to reach the lower trendline of another ascending channel formed last year (June). At this level, we can expect a rebound. But if this lower trendline is broken again, stock price will fall to 20$. Be careful too!!