Intel {{ m-tag option="price" ticker="INTC" currency="USD" }} shares experienced a significant boost, climbing over 6% to reach a two-month high. The recent surge in Intel's stock, driven by positive sentiment around AI advancements, highlights a significant upward movement. This outlook propelled Intel to become the biggest gainer on the Nasdaq 100 and the Dow Jones Industrial Average on the surge day.

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Technical Analysis
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Intel's stock gapped above the top trendline of this narrow trading range with the highest share turnover since June 21. This breakout, accompanied by a relative strength index (RSI) moving into overbought territory above the 70 threshold, confirmed strong bullish conviction and price momentum.

Key levels for potential resistance:
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• $35.50: This level connects prices near a minor counter trend retracement during April's sharp downtrend.
• $39: This horizontal line links the prominent September 2023 swing high with the 200-day moving average, representing a critical resistance level.
• $42: A trendline connecting four price troughs between December 2023 and March 2024, indicating another potential resistance point.
• $45.50: A longer-term resistance level connecting several price peaks over five months from November 2023 to April 2024.

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Potential Retracement
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While the RSI's overbought reading indicates strong price momentum, it also suggests a higher likelihood of a short-term retracement. During such pullbacks, attention should be given to the prior trading range's top trendline around $32. This level, which previously acted as resistance, has likely flipped into a support zone, providing a potential entry point for those monitoring the stock's direction.

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