Upcoming Earnings

Intel Corporation (ticker: INTC) is scheduled to report earnings after the market closes on 1 August. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $-0.11. The reported EPS for the same quarter a year prior was $-0.05.

Active Downtrend; Support Eyed

From a trend perspective, Intel has exhibited a downtrend since finding a top of $51.28 at the end of 2023. Recent movement saw price action rebound from a reasonably well-grounded ascending support taken from the low of $29.73, in which a test of the Ichimoku Cloud resistance materialised; this consists of the Leading Span A (light green at $32.94) and the Leading Span B (light orange at $33.52).

As you can see, sellers entered the market strongly from within the upper limits of the Ichimoku Cloud, and price movement is now retesting the mettle of the ascending support (candlestick traders may acknowledge that the test formed by way of a bullish harami pattern).

Also of technical note is the Conversion Line (blue at $32.29) crossing below the Base Line (red at $33.58), which is often considered bearish ‘validation’ after a test of the Ichimoku Cloud.

Price Direction?

Considering the downtrend is accompanied by the Conversion Line crossing below the Base Line, the recent bullish harami candlestick pattern from the ascending support is unlikely to fuel much bullish intent. As such, in its current manner, sellers could push price action towards support from $28.76.

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