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INTC shares have underperformed in the tech sector for years (due to equipment obsolescence and a lack of innovation as well), but last week was the best week since July 2009. The reason for the rise is related to the hype around AI.
According to rumors, the company has released a new processor that shows good results when training neural networks. And one analyst opined that Intel could gain a competitive advantage from its acquisition of chip maker Habana Labs/Gaudi.
INTC's stock chart shows that INTC's stock price bounced off the lower end of a long-term up channel after hovering between USD 25 and USD 30 per share for a long time. It was probably an accumulation range when large market participants formed an investment position. Now we can expect the USD 30 level to serve as support. On the other hand, the strong level of USD 42.50 per share of INTC starting in 2018 could provide resistance.
On Friday, Morgan Stanley analyst Joseph Moore raised its price target for Intel shares to USD 38 from USD 31. But if the bulls continue to act as actively, the target levels for the INTC stock may be raised again.
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