INTEL STOCK FALLS ON RATING DOWNGRADES
Intel’s stock is currently trading at 55.40-lower by 0.92% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.3%. The stock has pared some of its losses after the opening bell.
The chipmaker’s stock fell today after Wells Fargo downgraded it to market perform from outperform. The bank lowered Intel’s stocks rating due to weakening 2019 demand along with rising competition from Advanced Micro Devices.
Wells Fargo also said that the chipmaker has tough sales numbers to reach in 2019. The bank added that AMD’s line of 7 nanometer processors are competitively well-positioned as compared to Intel’s upcoming 10 nanometer chips. Wells Fargo, however, raised its price target on Intel’s shares to $60 from $55.
The chipmaker’s share has advanced 18% over the past three months, to close at a 10-month high, as the DJIA has risen 13%.
On the technical front, the RSI is currently at 63.95% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 55.50 TAKE PROFIT AT 55.05 STOP LOSS AT 55.70