Keep an eye on beaten-down shares of Intel (SYM: INTC).
After dropping to $18.51, the tech giant is just starting to pivot higher. It’s also just starting to pivot from over-extensions on RSI, MACD and Williams’ %R. Last trading at $20.91, if it can break above $22 resistance, it could potentially refill its bearish gap at around $30.
Helping, the company just announced that it was “awarded up to $3 billion in direct funding under the CHIPS and Science Act for the Secure Enclave program. The program is designed to expand the trusted manufacturing of leading-edge semiconductors for the U.S. government,” as noted in a company press release.
Intel also announced a multi-year, multi-billion-dollar deal to produce chips for Amazon.
“Intel will also create custom Xeon 6 chips using the Intel 3 node for as part of an existing partnership where Intel produces Xeon Scalable processors for Amazon Web Services,” reported Seeking Alpha.
