Intel (INTC) shares jumped above $44.30 yesterday, marking a 21-month high. The rally was driven by news from CES 2026, where the company unveiled its new Core Ultra Series 3 processors (codenamed Panther Lake). These are Intel’s first consumer chips manufactured using the advanced Intel 18A process technology.

Market participants interpreted the announcement as evidence that Intel’s ambitious turnaround strategy to restore its technological leadership is gaining traction. The launch of the 18A node suggests that Intel is once again capable of competing with TSMC on the leading edge of semiconductor manufacturing.

According to media reports, several analysts have raised their price targets for INTC shares, as the new technology opens up the prospect for Intel to secure contract manufacturing orders from major players such as Nvidia and Apple.

Technical analysis of INTC shares

On 3 December, when analysing the INTC chart, we:
→ identified a broad long-term price channel;
→ highlighted the importance of the $20 level, which appeared to act as support from institutional investors;
→ noted that the line dividing the upper half of the channel into two quarters could function as resistance.

As indicated by the red arrow, this line has indeed acted as a reliable barrier to further upside. Volume analysis is particularly noteworthy: on two occasions when INTC shares rallied towards this level, we observed:
→ a surge in trading volumes;
→ followed by a subsequent pullback.

It is possible that the move above the psychological $40 level, combined with positive news flow, generated FOMO-driven demand. Institutional traders may be using this demand to lock in profits on long positions accumulated around the $20 zone.

Given the long upper wick on yesterday’s candlestick, we could assume that the identified resistance line may hold, and that a third attempt to break above it could once again result in a pullback.

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