October 14, 2011
Shares of Intel Corp (NASDAQ: INTC) have now closed above their July 7 closing rally high, an important resistance level.
Intel is a semiconductor chip maker, which develops advanced integrated digital technology products, mainly integrated circuits, for industries such as computing and communications. It is a bell weather in the semiconductor sector.
By closing above this level on Thursday, October 13, Intel now sets its sights on the May 2011 highs at just below $24.00 a share.
INTC has further resistance dating back to July 2010 around $24.50 a share, so this 24.00 to 24.50 level is extremely important.
If surpassed, Intel could then begin regaining some of the steep losses from the 2008 bear market that cut share values from nearly $75.00 a share to below $15.00 a share.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy does currently hold a position in Intel.